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Korea’s current account surplus hits $8.26 bn in Sep.

Collected: 2016.11.01

Distributed: 2016.11.02

Source: Go Direct

South Korea’s current account surplus in September increased to $8.26 billion from $5.28 billion in August on better balance in commodity trade to keep up the longest-ever surplus streak of 55 months, the central bank data showed.

According to preliminary balance of payments data released by the Bank of Korea on Tuesday, the nation’s current account surplus reached $8.26 billion in September, rising by $2.98 billion from the previous month. The January-September current account surplus recorded $72.08 billion, down 9.3 percent from the same period last year of $79.46 billion.

Goods account surplus expanded to $10.76 billion from $7.05 billion in the previous month but declined from the same period last year of $11.9 billion.

The country’s export in September increased 2.6 percent from the previous month to $40.85 billion, however, down 5.9 percent on year, as the outbound shipment of automotive parts made up for the drop in automobiles, IT devices, and display panels following the ill fortunes at the nation’s two major manufactures - Samsung Electronics’ debacle with Galaxy Note7 and Hyundai Motor’s lengthy strike. Imports gained 0.7 percent on month and slipped 1.7 percent on year to $33.95 billion in September.

Deficit in service account widened from $1.45 billion in August to $2.54 billion in September, replacing the monthly high record of $2.65 billion in December 2010. The deficit largely came from the country’s shipyards struggling with little workload, debt and Hanjin Shipping that was placed under court management on top of higher intellectual property rights expenses.

By Chung Ui-hyun

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