Korea posts current account surplus for 20th straight month in September
The Bank of Korea said Tuesday that the surplus in September's trade of goods and services stood at over six-and-a-half billion U.S. dollars, up by nearly one billion dollars from the previous month.
This is the 20th straight month for Korea to post a current account surplus.
Reflecting reduced working days for September, when factories were closed for several days to mark Chuseok, or Korea's thanksgiving holidays, exports of goods fell 2.7 percent from a year ealier to 46 billion dollars, while imports dropped three-and-a-half percent to 40 billion dollars.
The service account, which includes tourism and shipping, also totaled to a surplus of around 870 million dollars in September, following a surplus of 100 million in the previous month.
With signs that both exports and domestic spending will improve in coming months, local and foreign brokerage houses are raising their projections for the Korean economy for this year and next year.
Japanese firm Nomura has revised up its 2013 growth outlook for Korea to 2.9 percent from its earlier forecast of 2.7 percent.
It maintains its four-percent growth projection for next year, the most optimistic forecast among major brokerage houses.
Samsung Securities has also raised its growth outlook by 0.4 percentage points for this year and by 0.3 percentage points for next year.
The move by brokerage houses came after the Bank of Korea said last week that the nation's gross domestic product rose 3.3 percent in the third quarter of this year from a year earlier -- the fastest pace of expansion in nearly two years.
Hwang Ji-hye, Arirang News.
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This is how mercantilism works. Yeppers. JUCHE!