À̹ÌÁö È®´ë South Korea¡¯s current account surplus narrowed 13.6 percent from a year earlier as its travel account deficit widened to a record high on a sharp fall in the number of Chinese tourists amid the lingering diplomatic spat over Seoul¡¯s host of a U.S. missile shield.
According to preliminary balance of payments data released by the Bank of Korea on Tuesday, the nation¡¯s current account surplus rose to $7.26 billion in July from $7.01 billion in the previous month, extending its longest-ever surplus streak to the 65th consecutive month, but contracted from $8.41 billion in the same month a year earlier.
The on-year fall in the country¡¯s July current account surplus was mainly driven by the plunge in the services account balance. The deficit in services account nearly doubled to $3.29 billion from $1.58 billion a year earlier, and it is the second largest services account deficit following the historic high of $3.36 billion recorded in January this year.
À̹ÌÁö È®´ë According to BOK data, the deficit in services account has widened mainly due to the downward spiral in travel account. The nation¡¯s travel account deficit stretched to a new record high of $1.79 billion in July as the number of Koreans travelling abroad hit a historic high while Chinese tourists continued to avoid their visit to Korea following Beijing¡¯s bans on its people¡¯s group tours to the neighboring nation in retaliation against Seoul¡¯s deployment of U.S missile defense launchers. Chinese tourists had made up the lion¡¯s share of foreign tourists to Korea before the diplomatic row between the two countries began earlier this year.
The previous historic high in travel account deficit was $1.65 billion recorded in July 2008, right before the global financial crisis.
Goods account surplus in July jumped to $10.71 billion from $9.71 billion a month ago and $10.67 billion a year ago, thanks to strong demand in semiconductors and ships as well as a rise in the selling price for petrochemical and steel products.
Exports rose 11.4 percent on year to $47.21 billion, extending a winning streak for the ninth consecutive month. Imports also grew 15.2 percent on year to $36.5 billion.
By Chun Jung-hong
[¨Ï Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]