S. Korea trade surplus falls

S. Korea trade surplus falls

SEOUL (AFP): South Korea's trade surplus fell to US$823 million in July from $2.3 billion a month earlier, the Commerce, Industry and Energy Ministry said Tuesday.

Customs-cleared exports rose 23.6 percent from a year earlier to $14.52 billion in July, while imports expanded 40.1 percent to $13.7 billion, the ministry said.

Useable foreign exchange reserves rose to a record $90.35 billion at the end of July from $90.18 billion a month earlier, the central Bank of Korea said.

The increase reflects financial institutions' repayment of foreign currency borrowings to the central bank and a rise in earnings from management of foreign currency assets by the bank.