Seoul, November 08 (QNA) – South Korea’s current account surplus came to USD 1.61 billion in September, compared with a deficit of a revised USD 3.05 billion in August, but much lower compared to last year’s USD 10.51 billion.
According to the Bank of Korea (BOK) data, import costs remained high and outbound travel increased due to the easing of COVID-19 restrictions.
During the January-September period, the country logged a cumulative current account surplus of USD 24.14 billion, sharply down from a surplus of USD 67.41 billion tallied a year earlier, the data showed.
South Korea’s economy is facing growing uncertainty at home and abroad stemming from high inflation, rising import prices for raw materials, accelerating monetary tightening in major countries and the growing worries over a global economic recession.
South Korea exported USD 57.09 billion worth of exports in September, down 0.7 percent from a year earlier, though it slightly rose from the previous month’s USD 57.28 billion. Shipments to China, in particular, shrank 6.5 percent on-year to USD 13.37 billion in September, the data showed.
Imports jumped 18 percent on-year to $56.59 billion in September. The amount, however, dwindled from the previous month’s $61.73 billion.
The goods balance that tracks exports and imports logged a surplus of USD 490 million in September, a turnaround from the previous month’s deficit of USD 4.45 billion. However, it was much smaller than the previous year’s surplus of USD 9.55 billion. (QNA)
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