South Korea’s current account surplus widened from a year earlier in February on narrowing service account deficits and imports slipping faster than exports, central bank data showed Friday.
Cars are lined up at South Korea‘s Ulsan Port to be shipped overseas. (Yonhap)
The current account surplus came to $7.51 billion in February, compared to a revised $6.82 billion surplus in the previous month, according to preliminary data from the Bank of Korea.
From a year earlier, the February reading marks a whopping 23.5 percent spike. February also marks the 48th consecutive month of surplus.
“In the services account, even despite a shift from surplus to deficit in the use of intellectual property account, the overall deficit shrank from $1.93 billion in January to $1.27 billion, thanks to improvements in the travel and other business services accounts,” the central bank said in a press release.
(khnews@heraldcorp.com)