The current account surplus reached $ 7.51 billion in August, from $ 8.21 billion the month before, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.
The current account has been in the dark since May of last year. In April 2020, South Korea suffered a deficit of $ 3.33 billion on faltering exports caused by the pandemic.
The goods balance posted a surplus of $ 5.64 billion in August, lower than a surplus of $ 5.73 billion the month before.
Exports, which make up half of South Korea’s economy, grew 31.2 percent year-on-year to $ 52.2 billion, while imports rose 42.4 percent to $ 46.6 billion. dollars.
The services account, which includes South Koreans’ spending on overseas travel, posted a surplus of $ 1 billion in August, a recovery from a deficit of $ 80 million in July. The August reading marked the second largest surplus on record.
The primary income account, which tracks the wages of foreign workers and overseas dividend payments, posted a surplus of $ 1.11 billion in the month, lower than a surplus of $ 2.8 billion in July.
The capital and financial account, which covers cross-border investments, recorded a net inflow of $ 5.8 billion in August, compared with a net inflow of $ 6.56 billion the month before. (Yonhap)