Korea posted another current account surplus in August, for the 78th consecutive month.
The Bank of Korea says the current account surplus hit eight.four billion U.S. dollars, up over two billion dollars, or 40 percent on-year on the back of strong exports.
The goods account hit a surplus of 11.two billion dollars.
"Goods account surplus increased as goods exports grew more than imports. Goods exports expanded eleven.seven percent on-year in August on growing global trade, rising oil and metal unit pricesand continuing demand for semiconductors."
Outbound shipments of semiconductors increased more than 31 percent to 11.eight billion dollars, while petrochemical exports hit over 10 billion dollars.
"Exports of ships and home appliances dropped but semiconductors and chemical goods exports increased by double digits. Data shows the ongoing U.S.-China trade spat hasn't affected Korean exports yet exports to China, mainly intermediary goods, continued to go up by an average of 20 percent on-year in recent months."
Imports rose nine.two percent on-year in August, to 42 billion dollars on rising prices of global oil and other raw materials.
The service account, however, logged a deficit of over two billion dollars due to the growing travel account deficit.
Travel account deficit rose nine-percent on-year, at 1.five billion dollars in August.
Around 2.five million Koreans traveled abroad during the summer vacation period, marking the second-highest monthly figure on record while 1.four million foreigners visited Korea.
Construction services account helped recoup some of the losses in the service account, recording a surplus of one billion dollars, the highest figure since December 2016, thanks to more construction projects from abroad.
The Bank of Korea says the primary income account surplus for August more than doubled from the same period last year to five hundred million dollars on higher interest income from overseas investments.
Kim Hyesung, Arirang News.