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S. Korea logs current account surplus for 80th month in a row Updated: 2018-12-07 07:28:55 KST


Korea's current account recorded a surplus in October for the 80th month in a row -- that's more than six-and-a-half years running -- thanks to strong exports of goods.
The current account is a broad measure of a country's trade with the world, including goods and services.
According to the Bank of Korea, the current account surplus in October came to 9.1-9 billion U.S. dollars.

In terms of goods, the surplus was eleven billion dollars up 2.4 billion from a year earlier.
Exports of goods, compared to the October before, were up almost 30 percent and marked the highest monthly total on record.

The central bank attributed that to exports of petroleum products, which fetched higher prices in October as oil became more expensive.

Also contributing were exports of machinery, including manufacturing equipment.
The BOK said those shipments increased because of strength in the global manufacturing industry.
For instance, according to the Federal Reserve, manufacturing output in the U.S. rose in October for a fifth straight month.

Semiconductors also played a part in the surplus, accounting for more than 20 percent of Korea's total exports.
An expert says the trend is likely to continue, but at a slower pace.

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"Unit prices of D-Ram and Nand flash have started to fall, so it'll be hard to maintain such explosive growth. Overall exports will continue to increase, but the rate of increase will slow down."

Another reason for the strong exports was 5 extra business days in October this year because the major Korean holiday Chuseok fell in September rather than October.

In the red, however, was the service account, with a deficit for the month of 2.2-2 billion dollars.
It was a smaller deficit, though, than last October thanks to an improvement in the travel account as Korea saw an increase in visitors from China and Japan.
Ko Roon-hee, Arirang News.
Reporter : krh@arirang.com
KOGL : Korea Open Government License
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