The Korea Herald


S. Korea logs current account surplus for 5th month in September

By Yonhap

Published : Nov. 8, 2023 - 09:32

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A port in the southeastern city of Busan. (Yonhap) A port in the southeastern city of Busan. (Yonhap)

South Korea logged a current account surplus for the fifth straight month in September on the back of a widened trade surplus and increased dividend income from overseas, central bank data showed Wednesday.

The country's current account surplus reached $5.42 billion in September, following the surplus of $4.98 billion the previous month, according to preliminary data from the Bank of Korea.

September's surplus came as the country's trade balance has remained in the black for six straight months and interest income has increased.

The country's goods account racked up a $7.42 billion surplus in September, following a $5.21 billion surplus the previous month.

The trade surplus marks the largest since September 2021, when the comparable figure was $9.5 billion, as imports dropped by $8.02 billion, or 14.3 percent, larger than the $1.35 billion, or 2.4 percent, decline in exports, according to the data.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a surplus of $1.57 billion in September, following a $1.46 billion surplus in August, the data showed.

But the services account suffered an extended loss of $3.19 billion in September from a $1.57 billion deficit the previous month, the data showed.

In the first nine months of the year, the country logged $16.58 billion in current account surplus, sharply down from $25.75 billion a year earlier.

The central bank said this year's current account surplus may reach its estimate of some $27 billion. (Yonhap)