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S. Korea's current account surplus almost halves to US$5.94 bln in May

All News 08:07 July 05, 2017

SEOUL, July 5 (Yonhap) -- South Korea's current account surplus narrowed in May from a year earlier due to a hike in oil prices and an increased deficit in the travel balance, central bank data showed Wednesday.

The country's current account surplus reached US$5.94 billion in May, compared with a surplus of $10.49 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK).

The figure represents a surplus for 63 months in a row. The current account is the biggest measure of cross-border trade.

The BOK said the widened deficit in the travel balance and increased imports of machinery were to blame for the narrowed current account surplus.

The BOK said the travel balance deficit widened to $1.36 billion in May from a deficit of $250 million a year earlier due to a rise in overseas trips.

The primary income account deficit came to $690 million in May from a surplus of $860 million a year earlier.

Exports rose 10.2 percent on-year to $46.9 billion, with imports surging 20.1 percent to $38.06 billion.


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