Korea posts current account surplus for 24th straight month in Feb.Updated: 2014-03-31 21:57:36 (KST)
Korea's central bank said Monday
that the nation posted a current account surplus of over 4-and-a-half billion U.S. dollars last month.
That's up over one billion dollars from January and more than double from February of last year.
Exports of goods rose over seven percent from the previous year to 48 billion dollars, while imports edged up slightly more than one percent to 42.6 billion.
When asked if the surplus was coming from the nation's sluggish domestic demand, officials at the central bank said no,.. that the subdued import numbers were due to stable global commodities prices.
The deficit in the service account, which includes tourism and shipping, also fell helping the nation log a current account surplus for the twenty-fourth straight month.
It posted a shortfall of around one-and-a-half billion last month, compared with a deficit of nearly 2-billion in January.
The current account data was released based on a new international standard under which last year's current account surplus widened to 79.8 billion, up around 9 billion from the previous data.
The central bank said last year's surplus accounted for six percent of the nation's gross domestic product.
The nation's current account surplus has been acting as a buffer for Korea since the U.S. Federal Reserve began scaling back its massive bond-buying stimulus program.
Hwang Ji-hye, Arirang News.
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