South Korea has been ranked seventh in terms of trade surplus in the first half of the year among members of the World Trade Organization on the back of decreased imports, data showed Wednesday.

According to the data by the Korea International Trade Association, the country’s exports rose 0.6 percent to $276.6 billion in the January-June period, with imports down 2.8 percent to $256.6 billion.

The prolonged slump in domestic demand drove the country’s imports to fall, pushing up its trade surplus by $9.1 billion to $20 billion.

Germany recorded a trade surplus of $128.6 billion in the first half, taking the No. 1 spot among the WTO members in terms of trade surplus, followed by China with $108 billion, Russia with $91.6 billion, the Netherlands with $37.6 billion, Norway with $33.3 billion and Ireland with $24.5 billion.

The United States and Japan logged trade deficits in the first half.

“South Korea is expected to record a trade surplus of about $30 billion this year as its exports are forecast to grow at the 4 percent range in the second half,” an official at the KITA said. (Yonhap News)