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S. Korea's current account surplus hits 3-year high in October on export recovery

All News 08:06 December 04, 2020

SEOUL, Dec. 4 (Yonhap) -- South Korea's current account surplus hit a three-year high in October as exports showed signs of a modest recovery amid the coronavirus pandemic, the central bank said Friday.

The current account surplus reached US$11.66 billion in October, widening from a surplus of $10.13 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.

It marked the largest surplus since September 2017.

Since the country logged a deficit of $3.33 billion in April, the largest in almost a decade, on faltering exports amid the COVID-19 pandemic, the current account has stayed in the black for six straight months.

This file photo, taken June 4, 2020, shows stacks of import-export cargo containers at South Korea's largest seaport in Busan, 450 kilometers southeast of Seoul. (Yonhap)

The goods balance logged a surplus of $10.15 billion in October, larger than a surplus of $8.03 billion the previous month.

Exports, which account for half of the South Korean economy, rose 8 percent on-year to $49.85 billion in September, while imports inched up 1 percent to $37.83 billion.

Exports fell 3.8 percent on-year in October mainly due to fewer working days.

The country's overseas shipments have been battered by the fallout of the COVID-19 pandemic this year. But the pace of the slump has eased since June as major economies slowly began resuming business activities and easing border lockdowns.


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