S. Korea logs current account surplus for 80th month in a row
- 5 years ago
The Bank of Korea has released its preliminary data on the country's current account balance for October.
Once again, the account logged a surplus... thanks to solid exports.
Our Ko Roon-hee explains.
Korea's current account recorded a surplus for the 80th month in a row in October... on the back of strong goods exports.
According to the Bank of Korea on Thursday, the current account saw a surplus of 9-point-1-9 billion U.S. dollars in October.
The goods account had a surplus of eleven billion dollars... up from eight-point-six billion dollars in October last year.
The central bank attributed the increase to the high amount of exports of petroleum products.
This comes after international oil prices spiked in October.
Strong machinery exports... including manufacturing equipment also contributed to the surplus.
Another reason was that there were 5 extra business days in October this year... as the major Korean Chuseok holiday fell in September rather than October.
The service account remained in the red..., with a deficit of 2-point-2-2 billion dollars for the month.
However, the deficit narrowed from the same period last year..., thanks to an improvement in the travel account, with the number of visitors from China and Japan both increasing on-year in October.
Ko Roon-hee, Arirang News.
Once again, the account logged a surplus... thanks to solid exports.
Our Ko Roon-hee explains.
Korea's current account recorded a surplus for the 80th month in a row in October... on the back of strong goods exports.
According to the Bank of Korea on Thursday, the current account saw a surplus of 9-point-1-9 billion U.S. dollars in October.
The goods account had a surplus of eleven billion dollars... up from eight-point-six billion dollars in October last year.
The central bank attributed the increase to the high amount of exports of petroleum products.
This comes after international oil prices spiked in October.
Strong machinery exports... including manufacturing equipment also contributed to the surplus.
Another reason was that there were 5 extra business days in October this year... as the major Korean Chuseok holiday fell in September rather than October.
The service account remained in the red..., with a deficit of 2-point-2-2 billion dollars for the month.
However, the deficit narrowed from the same period last year..., thanks to an improvement in the travel account, with the number of visitors from China and Japan both increasing on-year in October.
Ko Roon-hee, Arirang News.