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Korea's current account surplus widens to US$5.97 bln in Nov.

All News 08:00 January 07, 2020

SEOUL, Jan. 7 (Yonhap) -- South Korea's current account surplus grew from a year earlier in November as its service account deficit narrowed, while its primary income account surplus expanded, central bank data showed Tuesday.

The country's current account surplus came to US$5.97 billion in the month, up $840 million from the same month last year, according to preliminary data from the Bank of Korea (BOK).

The figure, however, marks a drop from a $7.83 billion surplus posted the month before.

The on-year increase came despite a slight drop in its goods account surplus, which dwindled to $7.39 billion in November from $7.5 billion a year earlier.

South Korea's exports have dropped for 13 consecutive months since December 2018.

In November, exports plunged 10.3 percent on-year to $46.5 billion, while imports dropped 11.7 percent to $39.11 billion.

Its service account, on the other hand, saw its chronic deficit narrow to $1.89 billion from $2.19 billion over the cited period.

The country's primary income account surplus came to $970 million, up from a $340 million surplus the year before.

bdk@yna.co.kr
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