April 19, 2024
Economy
Korea’s current account surplus almost halves to US$5.94 billion in May
[THE INVESTOR] South Korea’s current account surplus narrowed in May from a year earlier due to a hike in oil prices and an increased deficit in the travel balance, central bank data showed on July 5.
The country’s current account surplus reached US$5.94 billion in May, compared with a surplus of $10.49 billion a year earlier, according to the preliminary data from the Bank of Korea.
The figure represents the 63rd monthly surplus in a row. The current account is the broadest measure of cross-border trade.
The BOK said the widened deficit in the travel balance and in
creased imports of machinery were behind the narrowed current account surplus.
It said the travel balance deficit widened to $1.36 billion in May from a deficit of $250 million a year earlier due to a rise in overseas trips.
The primary income account deficit came to $690 million in May from a surplus of $860 million a year earlier.
Exports rose 10.2 percent on-year to $46.9 billion, with imports surging 20.1 percent to $38.06 billion.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The country’s current account surplus reached US$5.94 billion in May, compared with a surplus of $10.49 billion a year earlier, according to the preliminary data from the Bank of Korea.
The figure represents the 63rd monthly surplus in a row. The current account is the broadest measure of cross-border trade.
The BOK said the widened deficit in the travel balance and in
creased imports of machinery were behind the narrowed current account surplus.
It said the travel balance deficit widened to $1.36 billion in May from a deficit of $250 million a year earlier due to a rise in overseas trips.
The primary income account deficit came to $690 million in May from a surplus of $860 million a year earlier.
Exports rose 10.2 percent on-year to $46.9 billion, with imports surging 20.1 percent to $38.06 billion.
By Alex Lee and newswires (alexlee@heraldcorp.com)
