South Korea current account surplus grows in September
[SEOUL] South Korea's current account surplus widened to US$7.6 billion in September as exports grew and spending by Korean travellers overseas fell, state data showed Wednesday.
The preliminary figure compared with a revised surplus of US$7.2 billion in August, the central Bank of Korea said.
The current account - the broadest measure of foreign trade in goods and services - has been in the black for 31 months in a row.
Exports last month stood at US$51 billion, compared to US$48.9 billion a month ago and US$50.6 a year ago, thanks to increased shipments of memory chips and steel, the BOK said.
Imports rose to US$43.3 billion, up from US$41.6 billion a month ago and US$42 billion a year ago.
The services account, which includes spending on overseas trips, reported a deficit of $280 million, compared to US$730 million in August and US$200 million a year ago.
The central bank forecasts South Korea - Asia's fourth-largest economy - will post a record current account surplus of US$84 billion this year.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Laid-back vibe, stunning beaches, rich cuisine and low cost of living lure more expat retirees to Malaysia
Vietnam tycoon appeals against US$27 billion fraud death sentence
US announces new restrictions on firearm exports
Central banks will probably only cut half as much as they hiked
US consumer sentiment falls as inflation expectations climb
HSBC wins £1.3 billion suit over Disney film finance scandal