Banks fare well in Q1

[Graphic News] Korea’s current account balance

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Published : 2014-02-27 21:33
Updated : 2014-02-27 21:33

South Korea posted a current account surplus for 24 consecutive months in January. The Bank of Korea reported on Thursday that the country logged a $3.61 billion current account surplus in January, extending the surplus for the 24th month.

The surplus, however, narrowed to an 11-month low, down from $6.41 billion in December, due partly to seasonal factors, the central bank said.

The current account balance is the broadest measure of the country’s trade with the rest of the world, including not only trade in goods but also services, tourism and returns on investments abroad.

Korea’s exports were valued at $47.2 billion dollars in January, down four percent from $49.2 billion in December 2013.

Goods account surplus narrowed to $3.32 billion in January from $5.69 billion in December while the service account, which includes expenditure on overseas trips, posted a shortfall of $590 million last month, compared with $440 million surplus in December.

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