This file photo taken April 1, 2024, shows a port in the southeastern city of Busan. (Image courtesy of Yonhap)
SEOUL, May 9 (Korea Bizwire) — South Korea logged a current account surplus for the 11th straight month in March on the back of an increased trade surplus, central bank data showed Thursday.
The country’s current account surplus reached US$6.93 billion in March, following the surplus of $6.86 billion in February.
In the first three months of the year, the country racked up a current account surplus of $16.84 billion, compared with a deficit of $5.96 billion a year earlier.
March’s surplus came as the country’s trade balance has remained in the black.
The country’s goods account racked up an $8.09 billion surplus in March following a $6.61 billion surplus the previous month.
The nation’s outbound shipments rose 3 percent on-year in March to $58.27 billion, while imports dropped 13.1 percent over the cited period to $50.18 billion, according to the central bank’s data.
The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a $1.83 billion surplus in March, following a $2.44 billion surplus in February, the data showed.
The services account deficit widened to $2.43 billion in March from a deficit of $1.77 billion the previous month, the data showed.
The central bank is widely expected to jack up its annual forecast for current account surplus for the year given a trend in export recovery.
In February, the bank estimated $52 billion in current account surplus for the year.
(Yonhap)
