Korea’s trade surplus shrank in August from a month earlier as exports fell largely due to jittery external conditions and bad weather, the government said Saturday.

The country’s trade balance came to $2.04 billion in the black last month, compared with a surplus of $2.75 billion in July, according to the Ministry of Knowledge Economy.

The August figures mark the seventh consecutive month the country has posted a trade surplus since January, when the country’s trade balance went into the red for the first time in 24 months.

Exports dipped 6.2 percent on-year to $42.9 billion, shrinking at a slower pace compared with an 8.8 percent drop a month ago.

Imports, however, sank at a faster clip of 9.8 percent to $40.9 billion, from the 5.5 percent fall tallied in July.

The ministry cited deteriorating weather conditions including storms and persistent global uncertainties stemming from the eurozone debt crisis, which weighed down overall shipments, it said in a release.

The widening fall in imports came as demand for intermediary and consumer goods decreased on faltering domestic consumption, the government said. The imports had expanded 23.3 percent at the end of 2011, but it slowed to an increase of 7.7 percent in the first quarter before logging a fall in the second quarter.

The total trade turnover shed 0.9 percent on-year to $710.0 billion in the January-August period.

Shipments to major exporting countries saw a fall, including those to China and Europe, sliding 5.6 percent and 9.3 percent, respectively. Shipments to the United States also declined 2.1 percent on-year in August, with that of Japan dropping 9.6 percent in the same period, the ministry said.

Outbound shipments of vessels and wireless telecom equipment plunged 34.2 percent and 26.7 percent each, reflecting the slump of the shipyard industry is deepening from the impact of global economic doldrums.

In contrast, exports of LCD panels fared well, with an increase of 9 percent last month from a month earlier.

Imports of natural resources hiked on the rise of global crude prices and an increase in oil and gas purchases. South Korea bought 79.9 million barrels of crude in August, compared with 72.8 million a year earlier.

Steel imports and semiconductor equipment plunged 13.6 percent and 48.0 percent on a fall in demand and unit costs.

To counter the weakening trade balance, the government plans to further facilitate trade financing for exporters and step up efforts in exploring niche markets in a bid to boost businesses, according to the ministry. (Yonhap News)