S. Korea's current account records largest deficit since 2011
- 4 years ago
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Let's start with economic news.
South Korea's current account recorded a deficit for the month of April, turning negative for the first time in twelve months as exports fell sharply due to the COVID-19 pandemic.
According to Bank of Korea on Thursday, the country saw a current account deficit of 3.1 billion U.S. dollars in April..., the largest deficit since 2011.
It mainly attributed the drop to the slump in exports, which plunged 24-point-3-percent compared to the previous year with petroleum products and automobile exports taking the biggest hit.
The goods account surplus also fell to an eight-year low.
Let's start with economic news.
South Korea's current account recorded a deficit for the month of April, turning negative for the first time in twelve months as exports fell sharply due to the COVID-19 pandemic.
According to Bank of Korea on Thursday, the country saw a current account deficit of 3.1 billion U.S. dollars in April..., the largest deficit since 2011.
It mainly attributed the drop to the slump in exports, which plunged 24-point-3-percent compared to the previous year with petroleum products and automobile exports taking the biggest hit.
The goods account surplus also fell to an eight-year low.