south koreas current account surplus slips for third month
Last Updated : GMT 12:18:38
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South Korea's current account surplus slips for third month

Arab Today, arab today

Arab Today, arab today South Korea's current account surplus slips for third month

The Bank of Korea
Seoul - QNA

South Korea's monthly current account surplus narrowed for a third consecutive month in February but extended its surplus streak to 36 months in a row, data showed Thursday.
The current account surplus hit US$6.44 billion in February, inching down from a revised $6.58 billion a month earlier, according to the preliminary data by the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.
With the latest result, Asia's fourth-largest economy is poised to renew its record surplus streak of 38 months that began in June 1986.
"There was a mismatch in the schedule of calculating vessel prices and a shorter number of working days also affected imports and exports. A fall in prices of petroleum products, stemming from sliding oil prices, was another factor," Park Seung-hwan, the director of the BOK's Monetary and Financial Statistics Division, was quoted by Yonhap news agency as saying.
The balance of goods reached $7.32 billion in February, gaining from a revised $6.69 billion surplus in the previous month.
The latest reading, however, raised concern on slowing exports, a major headache for a heavily trade-reliant economy.
Exports dropped 15.4 percent on-year to $40.6 billion, accelerating from a 10.3 percent on-year fall in January. On a monthly basis, the figure fell for a second straight month.
Imports slumped 21.9 percent to $33.3 billion, also quickening from a 16.3 percent drop in the previous month.
The service account, which includes outlays by South Koreans on overseas trips, narrowed its deficit to $2.06 billion from $2.38 billion in January.
The primary income account, which tracks wages of foreign workers and dividend payments overseas, halved to $1.4 billion from $2.9 billion as dividend income declined.
Investment income on equity dropped to $862.9 million from $2.32 billion a month earlier when the figure hit a record monthly high on a spike in dividend income at IT firms that directly invest overseas.
The country's annual current account surplus is forecast to reach a record $94 billion this year, according to the central bank's estimate.

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