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S. Korea logs current account surplus for 9th month in January

08 March 2024 [19:35] - TODAY.AZ

South Korea logged a current account surplus for the ninth straight month in January on the back of a continued trade surplus, central bank data showed Friday, Azernews reports, citing Yonhap news agency.

The country's current account surplus reached US$3.5 billion in January, following the surplus of $7.41 billion in December.

January's surplus came as the country's trade balance has remained in the black.

The country's goods account racked up a $4.24 billion surplus in January, following an $8.04 billion surplus the previous month.

The nation's outbound shipments rose 14.7 percent on-year in January to $55.52 billion, while imports dropped 8.1 percent over the cited period to $50.98 billion, according to the central bank's data.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a $1.62 billion surplus in January, following a $2.46 billion surplus in December, the data showed.

The services account deficit widened to $2.66 billion in January from a deficit of $2.54 billion the previous month, the data showed.

Last year, the country reported a current account surplus of $35.49 billion, compared with a surplus of $25.83 billion during the same period last year.

Last year's current account surplus was higher than the central bank's estimate of $30 billion.

For the year, the central bank forecast the current account surplus will widen to $52 billion on a recovery in exports.


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