$89.6 billion Korea’s current account surplus in 10 months

SEOUL, 5 December / WAM / South Korea’s current account surplus shrank by a sharp rate during the month of October compared to the previous month, as exports decreased with a decrease in the number of working days due to the Chuseok holiday, while the cumulative surplus during the first ten months of this year reached its highest level ever, according to data from the Bank of Korea issued today, Friday.

The Korean Yonhap News Agency reported that the country’s current account surplus amounted to 6.81 billion US dollars last October, down from 13.47 billion dollars in the previous month, according to bank data.

Thus, the current account recorded a surplus for the thirtieth consecutive month since May 2023, which is the second longest surplus series ever.

During the first ten months of this year, the cumulative surplus amounted to $89.58 billion, compared to $76.63 billion during the same period last year, which is the largest amount ever recorded during the aforementioned period.

In its latest economic forecasts issued last month, the Bank of Korea expected that the annual current account surplus for this year would reach a record level of $115 billion.

The goods account recorded a surplus of $7.82 billion during October, down from the previous month’s surplus of $14.24 billion. Exports decreased by 4.7% on an annual basis to $55.88 billion due to the reduced number of working days due to the extended Chuseok holiday.

Imports also decreased by 5% to $48.06 billion.

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