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S. Korea's current account surplus narrows in November

South Korea's current account surplus (Yonhap)
South Korea's current account surplus (Yonhap)
South Korea's current account surplus narrowed on month in November last year, mainly due to a decline in investment income, the central bank said Friday.

The current account surplus reached $8.97 billion in November, narrowing from a surplus of $11.66 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.

Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering exports amid the COVID-19 pandemic, the current account has stayed in the black for seven straight months.

The goods balance logged a surplus of $9.54 billion in November, smaller than a surplus of $10.15 billion tallied the previous month.

The surplus of the primary income account stood at $420 million in November, compared with a surplus of $970 million.

Exports, which account for half of the South Korean economy, rose 4.1 percent on-year to $45.84 billion in November, while imports fell 1.9 percent to $39.94 billion.

The country's overseas shipments have been battered by the fallout of the COVID-19 pandemic this year. But the pace of the slump has eased since June as major economies slowly began resuming business activities and easing border lockdowns. (Yonhap)