South Korea’s current account surplus in February stretched by yawning 59.1 percent from the previous month, the biggest gain in three months, thanks to a 23-percent jump in exports led by mainstay semiconductor and petrochemical products.

According to the preliminary balance of payments data released by the Bank of Korea (BOK) on Wednesday, the nation’s current account surplus in February added $3.12 billion from the previous month to hit $8.4 billion. Korea extended its longest-ever consecutive surplus streak to 60 months.

Goods account surplus recorded $10.55 billion, up $2.74 billion from the previous month and $2.62 billion from the same period last year.

The nation’s exports in February shot up 23.0 percent - the biggest year-on-year jump since December 2011 - to reach $44.63 billion from a year-ago period, while imports soared 20.2 percent on year to $34.08 billion.

“Selling prices in refined products improved on recovery in oil prices, and the boon in memory chip demand and prices drove exports,” said Choi Jeong-tae, head of BOK balance of payments team.

In terms of value on customs clearance basis, outbound shipment of petroleum products skyrocketed 72.6 percent on year to mark $2.94 billion and that of semiconductor jumped 56.7 percent to $6.57 billion.

The deficit in service account in February expanded to $2.23 billion won from a year ago period but eased dramatically from a historic high of $3.36 billion in January.

Transport account deficit widened to $570 million from $230 million in January amid weakening in the country’s shipping sector in the wake of liquidation of Hanjin Shipping, and deficit in tourism account slightly narrowed to $1.17 billion from $1.22 billion from a month ago period.

By Boo Jang-won

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]