Published : Oct. 11, 2018 - 09:34
South Korea's current account surplus continued to remain firmly in the black in August on brisk overseas sales, central bank data showed Thursday.
The country's current account surplus came to $8.44 billion in August, up from $6.03 billion in the black a year ago, according to the preliminary data from the Bank of Korea. From a month earlier, the August figure declined from a yearly high of $8.76 billion.
Asia's fourth-largest economy has maintained a current account surplus for 78 straight months since March 2012.
(Yonhap)
The goods account surplus rose to $11.24 billion in August from $9.18 billion a year earlier on the back of rising global demand for Korea-made semiconductors amid an upturn in the world economy.
The service account remained in the red, logging $2.11 billion in deficit for the month, narrowing slightly from $2.33 billion a year ago.
In particular, the deficit in the travel account expanded on-year to $1.54 billion in August from $1.41 billion as larger number of South Korean tourists headed overseas during the summer vacation period.
Some 2.5 million South Koreans went abroad in August alone, marking the second-biggest monthly figure, while 1.39 million foreigners, including 478,000 Chinese tourists, came to the country during the same period.
The primary income account surplus improved to $500 million in August from $200 million the previous month.
In the financial account, net assets decreased $7.28 billion in August, according to the data.
Direct overseas investment by South Koreans rose $4.38 billion, and foreigners' investment at home added $1.2 billion, the numbers showed.
In portfolio investment in August, South Korean investors increased their holdings by $7.17 billion, with $3.53 billion in stocks and $3.63 billion in bonds.
Foreigners expanded their assets by $5.68 billion in the South Korean financial market in the same month, with their bond ownership rising by $4.86 billion amid intensifying concerns over global trade disputes. (Yonhap)