Korea April current account back to deficit

Economy

Published: 09 Jun. 2023, 09:43 Updated: 09 Jun. 2023, 14:23

Korea April current account back to deficit

Containers stacked at a port in BUsan on June 1. [NEWS1]

Korea's current account returned to a deficit in April due to decreased dividend payments from overseas and a deficit in the travel-related account, the Bank of Korea showed Friday.

The country's current account deficit reached $790 million in April, swinging from a surplus of $160 million a month earlier.

Exports to Southeast Asia dwindled by 29.1 percent, followed by China exports by 26.5 percent and Japan by 21.1 percent. Exports to the European Union increased 9.9 percent.

In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments.

April's deficit came as a surplus in the goods balance was offset by a deficit in the services account and the primary income account, which tracks wages of foreign workers and dividend payments from overseas, the data showed.

The data showed that the country posted a goods account surplus of $580 million in April, ending its fifth straight shortfall.

BY JIN MIN-JI, YONHAP [jin.minji@joongang.co.kr]