According to Yonhap News,

(SEOUL=Yonhap News) South Korea's current account surplus exceeded the US$100 billion mark for the first time in 2015 as imports fell at a faster rate than exports, central bank data showed Monday.

The current account surplus came to a record high of US$105.96 billion in 2015, compared with an $84.37 billion surplus in the previous year, according to preliminary data from the Bank of Korea (BOK).

The goods account surplus spiked 35.4 percent on-year to a record high of $120.37 billion last year.

Exports shrank 10.5 percent on-year to $548.9 billion last year, while imports tumbled 18.2 percent to 428.56 billion. South Korea's exports fell every single month in 2015.

The deficit in the service sector came to a record high of $15.71 billion in 2015, widening from a $3.68 billion deficit the previous year.

The record deficit in the service sector was attributed to a large travel account deficit, prompted by the outbreak of the Middle East Respiratory Syndrome last year that killed 38 people here.

The travel account deficit also widened to a record high of $9.67 billion in 2015, compared with a $5.37 billion deficit in 2014, according to the BOK.

The primary income account surplus widened to $5.9 billion in 2015 from a $4.15 billion surplus in the previous year.

In December, the current account surplus came to $7.56 billion, compared with a revised $9.91 billion surplus in the previous month.

From a year earlier, the December figure marks a 7.3 percent increase. December also marks the 46th consecutive month of surplus since March 2012.

The goods account continued to remain positive, posting a $10.77 billion surplus in December, up from a revised $10.47 billion surplus in the month before.

However, the deficit in the service sector widened to $1.7 billion from $1.26 billion over the cited period.

The primary income account shifted to a deficit of $590 million in December from a revised $890 million surplus in the previous month, partly due to an "increase in the payments in the equity account," the BOK said.

Since December, South Korea has witnessed a mass outflow of foreign capital from its stock market. Foreign investors have remained net sellers since Dec. 2.

bdk@yna.co.kr

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