Korea reports current account surplus for 4th month in August

Economy

Published: 11 Oct. 2023, 09:59 Updated: 11 Oct. 2023, 13:56

Korea reports current account surplus for 4th month in August

A port in the southeastern city of Busan on Sept. 21 [YONHAP]

Korea logged a current account surplus for the fourth consecutive month in August as imorts fell more rapidly than exports, the Bank of Korea's preliminary data on Wednesday showed.

The country's current account surplus reached $4.81 billion in August, following a surplus of $3.74 billion the previous month.

August's surplus came as the country's trade balance remained in the black for five straight months, and interest income increased.

The country's goods account racked up a $5.06 billion surplus in August, following a $4.44 billion surplus in July.

The services account reported a $1.60 billion loss due to a deficit in the travel account. The deficit narrowed from $2.53 billion a month earlier.

The primary income account, which tracks the wages of foreign workers and dividend payments from overseas and interest income, reported a surplus of $1.47 billion in August, following a $2.92 billion surplus in July, the data showed.

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