South Korea's exports fell for the 11th consecutive month in August due mainly to weak demand for semiconductors and petroleum products, but the country reported a trade surplus for the third straight month, the industry ministry said Friday.

Outbound shipments fell 8.4 percent on-year to $51.87 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy.

The decline came as exports of semiconductors, the country's key export item, sank 21 percent on falling demand and a drop in chip prices. Those of petroleum products also tumbled 35 percent on-year.

Imports fell 22.8 percent on-year to $51 billion in August, as energy imports retreated 42 percent on-year, the ministry said. South Korea depends on imports for most of its energy needs.

Accordingly, the country logged a trade surplus of $870 million in August, the third straight gain.

In June, the country reported a trade surplus for the first time in 16 months following the longest ever shortfall since 1997, which lasted from March 2022 through May 2023 as a result of high energy prices. (Yonhap)