Korea's current account turns black in May

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Korea's current account turns black in May

Published: 07 Jul. 2023, 11:11

Containers are stacked at a port in Busan on July 2. [YONHAP]

Korea's current account for May turned positive after a month on the back of overseas dividends and goods account surplus, central bank data showed Friday.

The country's current account surplus reached $1.93 billion in May, swinging from a deficit of $790 million a month earlier, according to the data from the Bank of Korea.

May's surplus came as Korea logged a trade surplus, and the service account deficit narrowed.

The primary income account, which tracks wages of foreign workers and dividend payments from overseas, also reported a surplus, the data showed.

Korea posted a goods account surplus of $1.82 billion in May, following a surplus of $580 million in April, the data showed.

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

BY SOHN DONG-JOO, YONHAP [sohn.dongjoo@joongang.co.kr]