Korea posts $5.42 billion current account balance in September

A ship with containers loaded on it is docked at a port in Gangwon. [YONHAP]

Korea logged a current account surplus for the fifth straight month in September on widened trade surplus and increased dividend income from overseas.

The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea on Wednesday.

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

The country's goods account racked up a $7.42 billion surplus in September, following a $5.21 billion surplus the previous month.

The trade surplus marks the largest since September 2021, when the comparable figure was $9.5 billion, as imports dropped by $8.02 billion, or 14.3 percent, larger than the $1.35 billion, or 2.4 percent, decline in exports, according to the data.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a surplus of $1.57 billion in September, following a $1.46 billion surplus in August.

But the services account suffered an extended loss of $3.19 billion in September from a $1.57 billion deficit the previous month, the data showed.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]