Market Commentary and Intraday News

Korea Current Account Surplus A Record $5.84 Billion

300 days ago

(RTTNews) - South Korea posted an unadjusted record current account surplus of $5.84 billion in June, the Bank of Korea said on Friday.

For the first half of 2012, the current account surplus was $13.7 billion, unadjusted.

The goods account surplus widened significantly to $5.01 billion from $1.72 billion in May, mostly on decreased imports in line with the fall in commodity prices, the central bank said.

The services account surplus narrowed from May's $1.59 billion to $0.17 billion, due for instance to reduced earnings from overseas visitors' inward travel and construction services.

The primary income account surplus widened from $0.34 billion in the previous month to $0.90 billion, owing chiefly to the rise in income on equity.

The secondary income account deficit widened to $0.25 billion from May's $0.08 billion.

Seasonally adjusted, the current account surplus was 3.68 billion, up from the surplus of $3.61 billion in May. Exports were down 0.4 percent on month, while imports fell 1.4 percent.

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