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S. Korea's current account surplus narrows to US$98.68 billion in 2016

All Headlines 08:31 February 03, 2017

SEOUL, Feb. 3 (Yonhap) -- South Korea's current account surplus narrowed 6.8 percent in 2016 from a year earlier due mainly to a decline in oil prices, central bank data showed Friday.

The country's current account surplus reached US$98.68 billion in 2016, compared with a surplus of $105.94 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK).

The figure represents a surplus for 58 months in a row. The current account is the biggest measure of cross-border trade.

The BOK said the service balance deficit widened to $17.61 billion in 2016 from $14.92 billion a year earlier.

In the primary income account, the country posted a surplus of $1.46 billion in 2016, compared with a surplus of $3.57 billion a year earlier.

Exports fell 5.7 percent on-year to $511.78 billion in 2016, and imports also dropped 7 percent to $391.33 billion.

entropy@yna.co.kr
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