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Korea’s April Current Account Surplus Hits Record

According to Yonhap News,

(SEOUL=Yonhap News) Korea posted a current account surplus for the 26th straight month in April on the back of record high monthly exports.

The Bank of Korea (BOK) said on May 29 that the nation posted a surplus of USD 7.12 billion in April.

The April surplus fell by USD 0.17 billion, down 2.2 percent from March, but the surplus increased by USD 2.57 billion, up 56.5 percent year-on-year.

The goods account surplus rose to USD 10.65 billion, from USD 7.97 billion in March.

Korea’s exports posted USD 56.72 billion, up 10 percent from the same month last year, the largest-ever since the monthly data collection began. The country’s imports went down by 0.9 percent, to USD 46.09 billion.

“The goods account surplus has increased on the back of the economic recovery in the U.S. and Europe and export boom in automobile and steel manufacturers,” said a BOK official.

The service account deficit posted USD 1.04 billion, up USD 0.39 billion from the previous month, owing to a worsening of the transportation account.

The primary income account shifted to a deficit of USD 1.62 billion from its March surplus of USD 0.32 billion due to a concentration of dividend payments for foreign investors in April.

The secondary income account showed a deficit of USD 0.86 billion from USD 0.36 billion in March.

The Bank of Korea forecast that the current account surplus for May would continue, which would make it a 27-consecutive-month run.

The financial account, showing capital flows without goods and services, recorded an outflow of USD 6.24 billion, up from USD 5.78 billion in March.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (May 29, 2014)

** This article was translated from the Korean.
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