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S. Korea logs current account surplus for 6th month in October

Dec. 8, 2023 - 09:13 By Yonhap
This undated photo shows a port in the southeastern city of Busan. (Yonhap)

South Korea logged a current account surplus for the sixth straight month in October on the back of a trade surplus, a reduction in the service deficit and increased dividend income from overseas, central bank data showed Friday.

The country's current account surplus reached $6.8 billion in October, widening from the surplus of $5.42 billion the previous month, according to preliminary data from the Bank of Korea.

October's surplus came as the country's trade balance has remained in the black for seven straight months and dividend income from overseas has increased.

The country's goods account racked up a $5.35 billion surplus in October, following a $7.42 billion surplus the previous month.

The nation's outbound shipments rose 7.6 percent on-year in October to $57 billion, while imports declined 4.3 percent over the cited period to $51.65, 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 surplus of $2.77 billion in October, following a $1.57 billion surplus in September, the data showed.

The services account deficit also narrowed to $1.25 billion in October from a loss of $3.19 billion the previous month, the data showed. (Yonhap)