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South Korea logs current account surplus for 12 straight months

Christian Fernsby ▼ |
South Korea logged current account surplus for 12 straight months through April thanks to an export recovery, central bank data showed Tuesday.

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Topics: SOUTH KOREA   

Current account surplus amounted to 1.91 billion U.S. dollars in April, staying in the black for 12 months since May last year, according to the Bank of Korea (BOK).

It was a turnaround from the deficit of 3.33 billion dollars tallied in April last year due to the export recovery from the COVID-19 pandemic shock.

Trade surplus for goods stood at 4.56 billion dollars in April, up 3.86 billion dollars from a year earlier.

Export, which takes up about half of the export-driven economy, surged 46.9 percent over the year to 52.17 billion dollars in April, and import advanced 36.7 percent to 47.61 billion dollars.

Services account balance, which measures the flow of travel, transport cost and royalties, recorded a surplus of 10 million dollars in April, after posting a deficit of 900 million dollars in the previous month.

The services account surplus was attributable to the improvement in the transport account, which logged a surplus of 810 million dollars in April. It was up from a surplus of 40 million dollars recorded a year ago.

The travel account deficit came to 610 million dollars in April, up 340 million dollars from a year earlier.

Primary income account, which includes monthly salary and investment income, registered a deficit of 1.95 billion dollars in April due to the dividend payment to foreign investors.

Financial account, which gauges cross-border capital flow without transactions in goods and services, logged a net inflow of 1.52 billion dollars in April.

Overseas direct investment by local residents expanded 4.33 billion dollars, while foreign direct investment in South Korea grew 2.6 billion dollars.

For the portfolio investment, which includes stock and bond transactions, overseas investment by domestic residents increased 4.84 billion dollars. Foreign investment in local stocks and bonds climbed 6.13 billion dollars. ■

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