FX.co ★ South Korea Has $11.12 Billion Current Account Surplus

In September, South Korea achieved a current account surplus of $11.12 billion, as reported by the Bank of Korea on Thursday. This reflects an increase from the $6.60 billion surplus recorded in August.

The goods account showed a robust surplus of $10.67 billion. This was fueled by a 9.9% annual growth in exports, which reached $61.67 billion, alongside a 4.9% rise in imports, totaling $51.00 billion, compared to the previous year.

However, the services account experienced a deficit of $2.24 billion. This was primarily due to shortfalls in the travel sector, manufacturing services, and the use of intellectual property accounts.

The primary income account benefitted from a $3.09 billion surplus, largely attributed to increased income from equities. Conversely, the secondary income account saw a deficit of $0.39 billion.