Korea posts current account surplus for 29th straight monthUpdated: 2014-08-28 14:35:58 (KST)
Korea has posted a current account surplus every month for nearly two-and-half years now.
The central bank says the nation logged a surplus of 7.9-1 billion U.S. dollars last month.
That's almost identical to the 7.9-2 billion dollar surplus recorded in June and to the 7.9 billion surplus in the same month last year.
Exports of products rose one percent from a year earlier to almost 54 billion dollars on strong shipments of automobiles and steel products, while imports increased 3-and-a-half percent to 47 billion.
The Bank of Korea says, however, that the rise in imports does not necessarily indicate a pick-up in domestic demand as it comes on the back of strong oil prices.
The current account surplus during the January to July period now stands at over 47 billion dollars, up 20 percent from the same period a year ago.
The bank expects the Korean economy to easily reach its 84 billion dollar current account surplus projection for all of this year, but adds that this month's surplus is likely to fall short of July's due to fewer working days.
The narrowed deficit in the service account, which includes tourism and shipping, also contributed to last month's surplus.
The deficit in July stood at 10 million dollars -- a sharp decline from the 580 million recorded a month ago -- thanks to a rise in the number of Chinese tourists.
Hwang Ji-hye, Arirang News.
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