May 09, 2024
Economy
Korea’s current account surplus falls
[THE INVESTOR] Korea’s current account surplus dropped slightly in 2016 from a year, data by the central bank showed on June 20.
The current account surplus came to US$98.68 billion in 2016, compared with US$105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.
By country, Korea’s current account surplus with the US fell to US$31.15 billion in 2016 from US$33.03 billion a year earlier. The 2016 figure marked the lowest since 2012, when the corresponding figure came to US$19.04 billion.
The BOK said a drop in the export of cars and steel products are to blame for the decline in the current account surplus with the US. Still, Korea’s service balance deficit with the US rose to US$14.28 billion in 2016 from US$14.09 billion a year earlier.
By Alex Lee and newswires (alexlee@herladcorp.com)
The current account surplus came to US$98.68 billion in 2016, compared with US$105.94 billion a year earlier, according to preliminary estimates released by the Bank of Korea.
By country, Korea’s current account surplus with the US fell to US$31.15 billion in 2016 from US$33.03 billion a year earlier. The 2016 figure marked the lowest since 2012, when the corresponding figure came to US$19.04 billion.
The BOK said a drop in the export of cars and steel products are to blame for the decline in the current account surplus with the US. Still, Korea’s service balance deficit with the US rose to US$14.28 billion in 2016 from US$14.09 billion a year earlier.
By Alex Lee and newswires (alexlee@herladcorp.com)
