S. Korea Posts Current Account Deficit of $620 Million in November

Seoul, January 10 (QNA) – South Korea posted the first current account deficit in three months in November as exports sharply dwindled amid growing worries over a global economic recession.

Preliminary data from the Bank of Korea (BOK) showed Tuesday that the country’s current account shortfall amounted to US $620 million in November, swinging back from a surplus of $880 million a month earlier.

It marked the first deficit in three months and also represented a setback compared with the same month a year earlier when the country logged a surplus of $6.82 billion.

During the January-November period, the country’s cumulative current account surplus stood at $24.37 billion, sharply down from a surplus of $82.24 billion tallied in the same period a year before.

The current account means the net transactions of exports and imports of goods and services. (QNA)