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Korea's current account surplus widens in March on investment gains

All News 08:00 May 07, 2020

SEOUL, May 7 (Yonhap) -- South Korea's current account surplus widened from a year earlier in March as a sharp increase in primary income helped offset a slight drop in its goods account surplus, central bank data showed Thursday.

The country's current account surplus came to US$6.23 billion in the month, compared with a $5.04 billion surplus the same month last year, according to the data from the Bank of Korea (BOK).

South Korea has posted a current account surplus for 11 consecutive months.

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

Its goods account surplus sharply narrowed to $7 billion from $8.34 billion a year earlier as exports dropped at a faster rate than imports.

The country's outbound shipments slipped 0.2 percent on-year to $46.9 billion in March, with imports falling 0.3 percent to $41.8 billion over the cited period.

On a customs clearance basis, the country's exports dipped 3.3 percent on-year to $46.4 billion in March, the BOK said.

Imports slipped 0.6 percent to $39.4 billion, it added.

The country's service account continued to be in the red in March, but its deficit narrowed to $1.46 billion from $2.1 billion a year earlier.

Its primary income account posted a $930 million surplus, marking a turnaround from a $610 million deficit a year earlier, according to the BOK.

bdk@yna.co.kr
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