South Korea records largest current account surplus in 32 months

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South Korea records largest current account surplus in 32 months

[06/07/2024 06:43]

SEOUL-SAB
The Bank of Korea announced on Friday that South Korea has recorded the largest current account surplus in 32 months in May, driven by a sharp increase in the trade surplus and an increase in dividend payments.

The bank said in a statement released by the Korean news agency (Yonhap) that the country's current account surplus reached $8.92 billion in May, turning from a deficit of $290 million in April.

It attributed the May surplus to a sharp increase in the country's trade surplus and an increase in dividend payments from abroad.

The May figure was the largest since September 2021 when the surplus reached $9.51 billion.

The country's goods account posted a surplus of $8.75 billion in May, marking the 14th consecutive month of surplus.

The primary income account, which tracks wages of foreign workers and dividend payments from abroad and interest income, posted a surplus of $1.76 billion in May, after a deficit of $3.33 billion in April, according to the data.

The deficit in the services account narrowed to $1.29 billion in May, from a deficit of $1.66 billion in April.