Korea’s current account in surplus for 7 straight months in Nov

2020.01.07 11:29:06 | 2020.01.07 12:32:19

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South Korea’s current account balance kept up a surplus streak for seven straight months in November on narrowed service deficit, but nevertheless shrank nearly $8 billion on reduced exports revenue.

According to the Bank of Korea’s preliminary international balance of payments data Tuesday, Korea’s current account surplus totaled $5.97 billion in November, down from $7.83 billion a month earlier and adding from $5.13 billion a year ago.

Goods account surplus narrowed to $7.39 billion in November from $7.5 billion a year earlier as the country’s exports tumbled 14.4 percent to $44.05 billion, extending its losing streak to 12th months amid lingering uncertainties on the external front. Imports also fell for the seventh straight month, down 13 percent on year to $40.72 billion, due to subdued domestic demand.

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Service deficit was pared to $1.89 billion in November from $2.19 billion a year ago. Travel account deficit improved to $950 million thanks to the increases in travelers from China and Southeast Asian countries.

The surplus in primary income account came at $970 million, widening from $340 million on improved dividend collection. The investment income account surplus climbed from $400 million to $1.04 billion, while interest income was down from $730 million to $540 million.

Net assets added $5.34 billion in November. Koreans’ overseas direct investment grew $4.15 billion and that of foreigners $140 million. Korean investment in foreign securities rose $2.95 billion whereas offshore investment in local securities fell $1.88 billion.

By Lee Ha-yeon

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