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Biz News Korea(Eng)
S. Korea logs record-high current account surplus in June
- Collected
- 2016.08.01
- Distributed
- 2016.08.02
- Source
- Go Direct
Preliminary data released by the central bank on Monday showed that South Korea has been in the black in current account for the longest 52nd straight month since March 2013.
Current account surplus in the January to June period this year came in at $49.98 billion, down by $380 million from the same period last year of $50.36 billion.
The BOK estimated the current account surplus for this year to reach $95 billion.
Goods account surplus increased $2.08 billion from $10.74 billion in the previous month to hit the largest-ever $12.82 billion in June, beating the previous record of $12.8 billion in June last year.
“The surplus in goods account was mainly driven by the fall in international oil prices,” said Choi Jung-tae, head of the central bank’s balance of payment statistics team.
The country’s exports declined 7.4 percent on year to $45.25 billion while imports fell 10.1 percent to $32.43 billion in June.
Goods account surplus for the January to June period this year widened $3.1 billion from the same period last year to $61 billion. Exports dropped 11.1 percent on year to $245.99 billion while imports plunged 15.5 percent to $184.99 billion over the cited period.
The deficit in the service account expanded from $1.14 billion in May to $1.38 billion in June this year largely due to the surge in tourism deficit from $250 million to $740 million during the same period.
By Lee Sang-duk
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]