S Korea posts record-high current account surplus in 2009

South Korea saw its current account surplus with China top a record high in 2009 on the back of a sharp fall in imports, the central bank said Thursday.

According to the Bank of Korea (BOK), South Korea's current account surplus with its neighboring country topped 38.4 billion U. S. dollars in 2009, up from a 20.9 billion U.S. dollar surplus a year ago.

The 2009 figure stands at the highest level since 1998 when the BOK began to compile related data.

The gain, according to the BOK, is attributed to a faster-rate decline in imports than exports amid the global financial turmoil.

Meanwhile, last year, South Korea logged its largest-ever current account surplus of 43 billion U.S. dollars, making an upturn from its first current account deficit in 11 years in 2008.

Source:Xinhua