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Korea's current account surplus narrows in Jan. on service deficit

All News 08:08 March 02, 2016

SEOUL, March 2 (Yonhap) -- South Korea's current account surplus narrowed from a month earlier in January as the country suffered a slump in exports and its deficit in the service sector widened, central bank data showed Wednesday.

The current account surplus came to US$7.06 billion last month, compared with a revised $7.38 billion surplus in the previous month, according to the data from the Bank of Korea (BOK).

From a year earlier, the January tally, however, marks a 12.8 percent spike. January marks the 47th consecutive month of a surplus.

The on-month drop was largely attributed to a cut in the goods account surplus, which plunged to $8.11 billion from a $10.68 billion surplus in the previous month.

Asia's fourth-largest economy posted an 18.8 percent on-year drop in its outbound shipments in January amid waning global demand and low oil prices.

The deficit in the service account also widened from $1.7 billion in December to $1.9 billion last month.


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