According to the Bank of Korea (BOK), South Korea posted a current account surplus of $4.81 billion in August, making it the fourth consecutive month of surplus. This followed the surplus of $3.74 billion the previous month.
In the first eight months of the year, the country reported a current account surplus of $10.98 billion, significantly lower than the $23.66 billion during the same period last year.
The surplus was attributed to the trade balance remaining in the black for five consecutive months and an increase in interest income.
Exports totaled $53.75 billion in August, a decrease of 6.5 percent from the previous year, while imports dropped 21 percent to $48.68 billion. The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a surplus of $1.47 billion.
However, the services account suffered an extended loss in August, reaching $1.6 billion.
The Bank of Korea expects a current account surplus of $24.5 billion for the year.
This file photo taken Sept. 21, 2023, shows a port in the southeastern city of Busan. (Yonhap)
sam@yna.co.kr
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