May 09, 2024

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[THE INVESTOR] Korea’s current account surplus contracted in October from a year earlier, central bank data showed on Dec. 5.

The country’s current account surplus reached US$5.72 billion in October, compared with a surplus of US$7.69 billion a year earlier, according to the preliminary data from the Bank of Korea.

The BOK said the goods account surplus narrowed to US$8.6 billion in October from US$9.16 billion a year earlier.

Moreover, the services account deficit widened to US$3.53 billion from a deficit of US$1.79 billion a year earlier due to a rise in overseas trips and foreign business services.

The primary income account surplus increased to US$1.17 billion in October from a surplus of US$710 million a year earlier.

Exports rose 7.1 percent on-year to US$44.96 billion in October, with imports advancing 7.9 percent to US$37.82 billion.

By Alex Lee and newswires (alexlee@heraldcorp.com)