$9.78 billion current account surplus in Korea during October

SEOUL, December 6, 2017 – The Republic of Korea achieved a current account surplus for the sixth consecutive month last October, thanks to strong exports, according to data issued by the Central Bank of Korea on Friday.

The Korean Yonhap News Agency reported that the country’s current account surplus reached $9.78 billion in October after recording a surplus of $10.94 billion last September, according to the bank’s preliminary data.

The merchandise account surplus reached $8.12 billion, as exports rose by 4% year-on-year to $60.08 billion, while imports decreased by 0.7% to $51.96 billion.

However, the services account recorded a deficit of $1.73 billion in October, although its deficit narrowed from $2.24 billion in the previous month.

The data showed that the basic income account, which tracks foreign workers’ wages, dividend payments from abroad and interest income, achieved a surplus of $3.45 billion in October after recording a surplus of $3.09 billion in September.

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