S Korea's current account surplus tops one-year high in June

15:58, July 28, 2010      

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South Korea's current account surplus rose to a one-year high in June on the back of strong export conditions, the central bank said Wednesday.

According to the Bank of Korea (BOK), the current account surplus stood at 5.04 billion U.S. dollars, sharply increasing from a revised 3.82 billion U.S. dollars marked a month ago.

The strong surplus came as the goods balance posted a surplus of 6.35 billion U.S. dollars, expanding from a 4.17 billion U.S. dollar surplus the previous month.

The June figure, staying in positive territory for the fifth consecutive month in June, was the largest surplus since June 2009 when the reading registered 5.38 billion U.S. dollars.

With the June surplus, the accumulated current account surplus for the first half of 2010 totaled 11.61 billion U.S. dollars, the BOK said.

The BOK further forecast that the country's current account surplus for July is likely to reach a level similar to June's due to continued brisk exports.

Meanwhile, the BOK revised up its 2010 economic growth forecast to 5.9 percent from its earlier estimate of 5.2 percent.

Source: Xinhua


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