Go to Contents Go to Navigation

Korea's current account surplus hits 11-month high in Sept.

All News 08:00 November 06, 2019

SEOUL, Nov. 6 (Yonhap) -- South Korea's current account surplus reached an 11-month high in September, although its amount narrowed from a year earlier due to slowing exports, central bank data showed Wednesday.

The country's current account surplus reached US$7.48 billion in September, compared with a surplus of $11.01 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK).

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

The September tally, however, marks the highest since October last year when the comparable figure was $9.35 billion, the data showed.

Park Dong-jun, head of the balance payment team at the BOK, said slowing exports were to blame for the narrowed current account surplus.

The goods account surplus narrowed to $8.84 billion from $13.01 billion over the cited period, due to a large cut in exports.

Exports fell 10.3 percent on-year to $46.01 billion September, with imports declining 3 percent to $37.17 billion.

The BOK said the travel balance-related deficit narrowed to $780 million in September from a deficit of $1.15 billion a year earlier.

The primary income account surplus came to $1.4 billion in September from a surplus of $970 million a year earlier.

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


Send Feedback
How can we improve?
Thanks for your feedback!