Korea’s account surplus falls to $5.93 billion in MarchKorea’s current account surplus narrowed in March from a year earlier due to an increased deficit in the service balance, central bank data showed Thursday.
The country’s current account surplus reached $5.93 billion in March, compared with a surplus of $10.55 billion a year earlier, according to the preliminary data from the Bank of Korea.
The figure represents a surplus for 61 months in a row. The current account is the biggest measure of cross-border trade.
The widened deficit in the service balance and increased imports are to blame for the reduction of the current account surplus.
The service balance deficit widened to $3.27 billion in March from a deficit of $920 million a year earlier due to a rise in overseas trips.
The number of Koreans who traveled to foreign countries jumped 23.7 percent year-over-year to more than 1.94 million in March, according to data compiled by the Korea Tourism Organization.
Chung Kyu-il, director general of the Economic Statistics Department at the BOK, said a sharp decline in the number of Chinese tourists in Korea is also to blame for the rise in the service balance deficit. YONHAP
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)