S.Korea's exports fall 3.3 pct in July on low export price

South Korea's exports fell 3.3 percent in July from a year earlier due to low export price caused by cheaper oil and oversupply, a government report showed Saturday.

Exports, which account for about half of the economy, declined 3.3 percent from a year earlier to 46.61 billion U.S. dollars in July, posting the downward trend for seven straight months, according to the Ministry of Trade, Industry and Energy.

The outbound shipments reduced at a faster pace from 0.9 percent in January to 8.0 percent in April. The sliding pace peaked at 10.9 percent in May before decelerating to 1.8 percent in June.

In terms of volume, the July exports increased 7.8 percent on a yearly basis after rising 10.8 percent in June, but lower export prices and oversupply led to a decline in exports value, the ministry said.

Imports tumbled 15.3 percent from a year earlier to 38.83 billion dollars in July, maintaining the falling trend for 10 months in a row.

Trade surplus was 7.76 billion dollars in July as imports dipped at a faster pace than exports, staying in the black for 42 months since February 2012. Endi