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S. Korea's current account surplus narrows to US$8.71 bln in July

All News 08:17 September 01, 2016

SEOUL, Sept. 1 (Yonhap) -- South Korea's current account surplus hit the lowest in three months in July due to slowing exports, central bank data showed Thursday.

The current account surplus reached US$8.71 billion in July, compared with $12.06 billion in June, according to the preliminary data from the Bank of Korea (BOK).

The July figure also represents a drop from a $9.71 billion surplus from a year earlier. It also marked the lowest in three months. The current account is the biggest measure of cross-border trade.

In July, the size of the surplus in the goods account came to $10.81 billion, down from a $12.71 billion surplus in the previous month, the BOK said.

It said the service balance widened its deficit to $1.53 billion from $1.38 billion from a month earlier.

In the primary income account, the country posted a surplus of $50 million in July, sharply down from $1.26 billion in the previous month.

Exports slipped 10.3 percent on-year in July, while imports plunged 13.6 percent.


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