9.15 billion dollars in the current account surplus in Korea during August

Seoul on October 2/ WAM/ The Republic of Korea has achieved a record surplus in the current account during August thanks to the decrease in imports despite the weak exports, as it reached 9.15 billion dollars, recording a surplus in the current account for the twenty -eighth month in a row since May 2023, according to the data collected by the Central Bank of Korea.

The Korean agency “Anbar Yonhap” stated that this number is the highest number of any August despite the contraction of the surplus compared to $ 10.78 billion in July, while the cumulative surplus in the current account reached 69.3 billion dollars, an increase of 24% over 55.94 billion dollars registered during the same period of the previous year, during the first eight months of this year.

The commodity account recorded a surplus of $ 9.4 billion in August, which is the second largest monthly surplus ever, although it represents a decline of more than 800 million dollars for $ 10.27 billion in July.

Exports decreased by 1.8% on an annual basis to 56.44 billion dollars amid twice the demand for steel and chemical products, while imports decreased by 7.3% to 47.05 billion dollars as a result of low global energy prices.

The services account witnessed a deficit of $ 2.12 billion, mainly attributing the demand for travel abroad.

The basic income account, which tracks the wages of foreign workers, profit distributions from abroad and interest revenues, achieved a surplus of $ 2.07 billion during August, according to data.

– Khal –

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