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Korea logs current account surplus for 6th month in October

Published: 08 Dec. 2023, 09:36 Updated: 08 Dec. 2023, 10:04

SEO JI-EUN
[email protected]

A port in Busan [YONHAP]

Korea achieved its sixth consecutive month of current account surplus in October, driven by a sustained trade surplus, a decrease in the service deficit, and a rise in dividend income from abroad, as per data released by the Bank of Korea on Friday.

The country's current account surplus reached $6.8 billion in October, widening from the surplus of $5.42 billion the previous month.

October's surplus came as the country's trade balance has remained in the black for seven straight months, and dividend income from overseas has increased.

The country's goods account racked up a $5.35 billion surplus in October, following a $7.42 billion surplus the previous month.

The nation's outbound shipments rose 7.6 percent on-year in October to $57 billion, while imports declined 4.3 percent over the cited period to $51.65, 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 $2.77 billion in October, following a $1.57 billion surplus in September.

The services account deficit also narrowed to $1.25 billion in October from a loss of $3.19 billion the previous month.

BY SEO JI-EUN, YONHAP [[email protected]]