S.Korea logs current account surplus for 10 months in February

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SEOUL, April 7 (Xinhua) — South Korea logged current account surplus for the 10th consecutive month in February due to an export recovery and the services account surplus, central bank data showed Wednesday.

Current account surplus amounted to 8.03 billion U.S. dollars in February, up 1.62 billion dollars from a year earlier, according to the Bank of Korea (BOK).

The current account balance, the broadest measure of cross-border trade, stayed in black for 10 months since May last year.

Trade surplus for goods came in at 6.05 billion dollars. Export, which takes up about half of the economy, advanced 9.2 percent in the month, while import increased by 12.6 percent.

Services account balance, which measures the flow of travel, transport cost and royalties, recorded a surplus of 130 million dollars in February, marking the first surplus since November 2014.

The transport account posted a surplus of 810 million dollars on higher charge for air and ocean freight. The travel account deficit reduced as people refrained from going abroad amid the COVID-19 pandemic.

Primary income account, which includes monthly salary and investment income, registered a surplus of 2.12 billion dollars on the back of the increased dividend income.

Financial account, which gauges cross-border capital flow without transactions in goods and services, logged a net outflow of 7.43 billion dollars in February.

Overseas direct investment by local residents expanded by 3.33 billion dollars, while foreign direct investment in South Korea reduced by 130 million dollars.

For the portfolio investment, which includes stock and bond transactions, overseas investment by domestic residents increased by 9.38 billion dollars in the month. Foreign investment in local stocks and bonds increased by 7.02 billion dollars. Enditem

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