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Korea's current account surplus narrows in Dec.

All News 08:00 February 06, 2020

By Byun Duk-kun

SEOUL, Feb. 6 (Yonhap) -- South Korea's current account surplus narrowed sharply in December as its exports fell at a faster rate than imports, central bank data showed Thursday.

The country's current account surplus came to US$4.33 billion in the month, down $1.64 billion from the month before, according to preliminary data from the Bank of Korea (BOK).

The reading also marks a $580 million drop from the same month in 2018. The country's current account balance has been in the black for eight consecutive months since May 2019.

The file photo, taken Dec. 1, 2019, shows stacks of export-import containers at South Korea's largest port in Busan, located some 450 kilometers south of Seoul. (Yonhap)

The drop was partly attributed to a steady decline in exports, which in December dipped 3.5 percent on-year, while imports only inched down 0.3 percent.

South Korea posted a goods account surplus of $5.03 billion in the month, compared with a surplus of $7.39 billion in November and a $6.63 billion surplus a year earlier.

Its service account deficit reached $2.5 billion, compared with a $1.89 billion deficit the month before and $1.85 billion a year earlier, according to the BOK.

bdk@yna.co.kr
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