April 24, 2024
Economy
[GRAPHIC NEWS] Services deficit hits record high
[THE INVESTOR] South Korea's service balance deficit hit a record high of $3.36 billion in January, jumping significantly from a deficit of $1.84 billion a year ago.
This led to a narrower current account durplus for the month, the Bank of Korea siad on March. 3.
However, the current account, the biggest measure of cross-border trade, remained in surplus for 59 months in a row.
The record deficit in the service balance is due to increased outbound travelers, according to the central bank.
Some 2.34 million South Koreans traveled overseas during the month that had the Lunar New Year holiday and school winter breaks. It was a 10.9 percent on-year jump.
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