S Korea posts six-month high current account surplus in May

16:11, June 29, 2010      

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South Korea posted a six-month high current account surplus on the back of strong exports, decreased dividend payouts to foreign investors, and a fall in overseas travel spending, the central bank said Tuesday.

According to the Bank of Korea (BOK), the May current account surplus stood at 3.83 billion U.S. dollars, soaring from a revised 1.42 billion U.S. dollars the previous month.

The May figure logged the largest surplus since November 2009 when the current account surplus stood at 4.28 billion U.S. dollars, according to the BOK.

With the May surplus, South Korea's current account remained in positive territory for the fourth consecutive month.

The surplus came as goods balance marked a surplus of 4.18 billion U.S. dollars, with exports rising 38.9 percent to 38.7 billion U.S. dollars while imports gained 50.2 percent to 34.6 billion U.S. dollars.

The income account also saw a sharp increase from the previous month's 1.38 billion-U.S.-dollar deficit to a surplus of 298.3 million U.S. dollars, thanks to a decrease in dividend payouts to foreign investors.

On the other hand, South Korea's capital account saw the biggest net outflows in 18 months in May, possibly due to jitters in cross-border capital flows.

According to the BOK's forecast, South Korea is expected to see a significantly large surplus for June as overseas shipments remain strong amid the global economic recovery.

Source: Xinhua


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