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S. Korea logs budget surplus for 4th straight year in 2018

All Headlines 15:00 February 08, 2019

SEJONG, Feb. 8 (Yonhap) -- South Korea posted a budget surplus for the fourth year in a row in the 2018 fiscal year as its tax revenue rose sharply on increased business-related earnings, the finance ministry said Friday.

The gross revenue that the government brought in last year came to 385 trillion won (US$342 billion), while its expenditures totaled 364.5 trillion won, according to the Ministry of Economy and Finance after closing its books for fiscal year 2018.

With 3.3 trillion won worth of the balance carried forward to this year, the surplus reached 13.2 trillion won in 2018, compared with 11.3 trillion won tallied in 2017.

Tax revenue amounted to 293.6 trillion won in 2018, up 28.2 trillion won from a year earlier.

Corporate tax earnings jumped 19.9 percent on-year to 70.9 trillion won in 2018 due mainly to strong exports of semiconductors and other goods in 2017.

In 2017, South Korea's exports surged 15.8 percent on-year to reach an all-time high of $573.7 billion. Overseas sales of semiconductors soared 57.4 percent on-year to reach $97.9 billion in 2017.

This undated photo shows containers carrying export goods in Busan, South Korea's largest seaport. (Yonhap)


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