South Korea reported a trade surplus for the second consecutive month in July after imports saw a sharper decline than exports amid a drop in energy and raw material prices.

According to the trade ministry on Tuesday, the country logged a surplus of one-point-63 billion dollars last month after returning to the black for the first time in 16 months in June.

Exports in July slipped 16-and-a-half percent on-year to 50-point-three billion dollars, posting a decline for the tenth consecutive month.

Shipments of semiconductors, the nation’s key export item, sank 34 percent from a year ago to post negative growth for the 12th straight month.

Meanwhile, imports fell 25-point-four percent to 48-point-seven billion dollars.