South Korea logged a current account surplus for the eighth straight month in December (Image courtesy of Yonhap)
SEOUL, Feb. 6 (Korea Bizwire) – South Korea logged a current account surplus for the eighth straight month in December, backed by strong exports and an increased trade surplus, central bank data showed Thursday.
The country’s current account surplus reached US$12.37 billion in December, following the surplus of $10.05 billion a month earlier, according to the data from the Bank of Korea (BOK).
It marked the largest reading for any previous December.
The country has recorded current account surpluses consecutively since May.
For the entire year of 2024, the country reported a current account surplus of $99.04 billion, surpassing the government’s forecast of a surplus of $90 billion.
The yearly reading also marked a sharp increase from a surplus of $32.82 billion in 2023, the data showed.
In December, the goods account logged a $10.43 billion surplus, marking the 21st consecutive month of surplus.
The surplus came as exports advanced 6.6 percent on-year to $61.38 billion on the robust sales of semiconductors. Imports added 3.3 percent to $54.89 billion in the month.
The services account, however, registered a $2.11 billion deficit, following a $1.95 billion deficit a month earlier.
The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, logged a $4.76 billion surplus in December, compared with the previous month’s $2.41 billion surplus, the data showed.
(Yonhap)
