Korea records current account surplus for 77 straight months
- 6 years ago
South Korea's central bank has released its provisional data on the country's current account balance for July.
It shows the account surplus...which started in March of 2012... has continued in July... mainly due to an export boom in semiconductors.
Kim Ji-yeon reports.
South Korea recorded a current account surplus for the 77th straight month in July... recording nearly eight-point-eight-billion U.S. dollars... according to provisional estimates released by the Bank of Korea on Thursday.
That's some one-and-a-half billion dollars more than the same period last year... and it's the highest level in ten months.
The BOK attributed this to the improved goods account balance... which stood at more than 11-point-4-billion dollars in July... a 840-million dollar increase from a year earlier.
It's mainly due to an increase in goods exports.
Exports in July increased by more than six-percent compared to the same period last year to reach nearly 52-billion dollars... on strong semiconductor, petroleum, and steel goods exports... while those related to ships and home appliances dropped.
The services account deficit decreased by around 170-million dollars on-year to record over 3-point-1-billion dollars in July... as the number of Chinese and Japanese visitors to South Korea increased following lower geopolitical risks stemming from North Korean provocations... and the alleviation of Beijing's travel ban which was part of retaliatory measures against Seoul's deployment of the U.S. missile defense system THAAD.
The number of Chinese entrants to Korea increased by nearly 46-percent, and that of Japanese entrants was up by around 35-percent in July from a year earlier.
Meanwhile, imports, mainly of raw materials, increased by more than 16-percent on-year to record nearly 45-billion dollars in July.
Kim Ji-yeon, Arirang News.
It shows the account surplus...which started in March of 2012... has continued in July... mainly due to an export boom in semiconductors.
Kim Ji-yeon reports.
South Korea recorded a current account surplus for the 77th straight month in July... recording nearly eight-point-eight-billion U.S. dollars... according to provisional estimates released by the Bank of Korea on Thursday.
That's some one-and-a-half billion dollars more than the same period last year... and it's the highest level in ten months.
The BOK attributed this to the improved goods account balance... which stood at more than 11-point-4-billion dollars in July... a 840-million dollar increase from a year earlier.
It's mainly due to an increase in goods exports.
Exports in July increased by more than six-percent compared to the same period last year to reach nearly 52-billion dollars... on strong semiconductor, petroleum, and steel goods exports... while those related to ships and home appliances dropped.
The services account deficit decreased by around 170-million dollars on-year to record over 3-point-1-billion dollars in July... as the number of Chinese and Japanese visitors to South Korea increased following lower geopolitical risks stemming from North Korean provocations... and the alleviation of Beijing's travel ban which was part of retaliatory measures against Seoul's deployment of the U.S. missile defense system THAAD.
The number of Chinese entrants to Korea increased by nearly 46-percent, and that of Japanese entrants was up by around 35-percent in July from a year earlier.
Meanwhile, imports, mainly of raw materials, increased by more than 16-percent on-year to record nearly 45-billion dollars in July.
Kim Ji-yeon, Arirang News.