Korea's current account remains in surplus in March

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Korea's current account remains in surplus in March

Published: 09 May. 2024, 09:33 Updated: 09 May. 2024, 19:00

SHIN HA-NEE
shin.hanee@joongang.co.kr

Containers for exports are stacked at a port in the southeastern city of Busan on April 1. [NEWS1]

Korea logged a current account surplus in March for the 11th month in a row, driven by robust chip demand and a growing number of foreign tourists.

The country's current account surplus reached $6.93 billion in March, inching up from a surplus of $6.86 billion in February, according to Bank of Korea (BOK) data released on Thursday.

The goods account racked up an $8.09 billion surplus, remaining in the black for the 12th straight month, following $6.61 billion the previous month.

Exports climbed 3 percent in March from a year earlier to $58.27 billion, led by a 34.5 percent surge in chips.

Meanwhile, imports slumped 13.1 percent on year to $50.18 billion, mainly due to the decline in oil prices and a resulting downturn in raw material prices.

The services account deficit expanded to $2.43 billion from a deficit of $1.97 billion in the cited period. In February, the deficit came in at $1.77 billion.

The travel account deficit grew to $1.07 billion in March from $750 million a year ago. The deficit shrank on month from $1.36 billion in February, however, thanks to an increase in foreign travelers and a decline in Korean tourists' overseas trips.

The primary income account, which tracks net income earned by residents through wages, dividend payments and interest income from abroad, compared to those of foreigners gained from Korea, logged a surplus of $1.83 billion, down 2.6 percent from the same period last year.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]