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South Korea posts largest current account surplus

Staff writer |
South Korea posted the largest-ever current account surplus in the first half of this year, keeping its monthly surplus trend in June for 28 months in a row, central bank data showed.

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Current account surplus reached $39.2 billionfor the first six months of this year, topping the previous high of 31. 26 billion dollars tallied in the first half of last year, according to the Bank of Korea (BOK).

The figure was slightly below the BOK's forecast of $40 billion dollars, but this year's current account surplus was forecast to reach the fresh record high of 84 billion dollars due to the expected surplus trend in the second half.

The country posted $7.92 billion dollars in current account surplus for June, keeping its surplus trend for the 28th straight month. It was the longest surplus trend except for the 38th consecutive month of surplus between June 1986 and July 1989.

Solid export growth contributed to the second-longest monthly surplus. Exports, which account for around half of the economy, increased 2.9 percent from a year earlier to 50.28 billion dollars in June.

Imports fell 0.2 percent on year to $43.63 billion dollars in June, sending the trade surplus for goods to $6.65 billion dollars last month. The trade surplus continued to fall after hitting the record monthly high of $10.65 billion dollars in April.

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