Exports fell for the eleventh consecutive month in August, but the trade balance posted a surplus for the third straight month.

According to the Ministry of Trade, Industry and Energy on Friday, the nation logged a trade surplus of 870 billion U.S. dollars last month. 

In June, the country recorded a trade surplus for the first time in 16 months since February of last year. 

Exports in August dropped eight-point-four percent on-year to 51-point-87 billion U.S. dollars, declining for the eleventh consecutive month since last October, the longest shortfall since the nation logged a deficit for 14 months between December 2018 and January 2020.

Despite the decrease in exports, a trade surplus was recorded as imports declined more than exports due to drops in the prices of energy and raw materials.