Korea Posts Trade Surplus of US$6 Bil. in Sep.
Korea's current account surplus came to more than 6 billion U.S. dollars in September up from a revised 2.5 billion a month earlier.
This means the country's exports grew at a faster rate than imports.
September marks the eighth straight month of surplus and it represents the second largest monthly surplus since July, when the positive trade balance peaked to more than 6.1 billion dollars.
With the strong turnaround, Korea logged nearly 29 billion dollars in total cumulative surplus stepping closer to the central bank's full-year surplus estimate of 34 billion.
In September, overseas shipments rose 1-percent on-year to nearly 48 billion dollars -- owing to strong overseas sales of petroleum products and slowing of a decline in car sales.
On the other hand, imports dropped nearly 7-percent on-year to 42 billion dollars due to weakening domestic demand.
The services account which covers transactions in transportation, travel, communication and other business services posted a surplus of 323 million dollars last month, a huge turnaround from a shortfall of 262 million in August.
This means foreign countries paid more for using services Korea provided than what Korea paid them for their services.
In terms of the primary income account, which tracks net flows of wages of foreign workers and overseas dividend payments, Korea logged a surplus of 204 million dollars.
On cross-border investments, Korea posted a net outflow of more than 5 billion dollars in September up from roughly 600 million the previous month, thanks to brisk outward investment.
Kim Yeon-ji, Arirang News.
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