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Korea posts current account surplus for 26th straight month in April

Updated: 2014-05-29 14:01:42 (KST)
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Korea has been posting a current account surplus every month for more than two years.
The central bank said Thursday that the nation posted a surplus of over 7.1 billion U.S. dollars last month.
That's a tad less than the 7.3 billion dollar surplus in March but up by more than 2-and-a-half billion dollars from the same month last year.
The Bank of Korea has forecast the surplus for the year to reach 68 billion dollars.
This target looks attainable considering the accumulated surplus in the January to April period already stands at over 22 billion dollars.
Exports rose 10 percent from the previous year in April to more than 56 billion dollars, helped by strong shipments of automobiles, petroleum and steel products.
But imports dropped zero.9 percent to 46 billion, raising concerns the nation's continuous surplus trend is mostly down to sluggish domestic demand.
The strong current account surplus might also burden local exporters in that it will add additional upward pressure to the strengthening Korean won.
The deficit in the service account, which includes tourism and shipping, however, widened, posting a shortfall of around one billion dollars last month, compared with a deficit of 650-million dollars in March.
Hwang Ji-hye, Arirang News.


Reporter : emilyfwang@arirang.co.kr

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fatboyme (USA) 2014-05-30    

Not bad.