S. Korea's current account surplus rises to 16-month high in July

21:54, August 27, 2010      

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South Korea's current account surplus in July hit a 16-month high on the back of record-high ship exports, the central bank said Friday.

According to the Bank of Korea (BOK), South Korea's current account posted a surplus of 5.88 billion U.S. dollars in July, compared with a revised 5.1 billion U.S. dollar surplus a month ago.

The July figure stood at the highest level since the nation saw a surplus of 6.64 billion U.S. dollars in March 2009.

South Korea's current account stood in positive territory for the sixth straight month, with a combined surplus of 17.6 billion U.S. dollars for the first seven months of this year.

The sharp gain owes much to strong exports, with goods balance posting a record surplus of 7.38 billion U.S. dollars, up from 6. 41 billion U.S. dollars a month ago.

The service account, however, marked a deficit of 1.66 billion U.S. dollars, similar to June's 1.67 billion U.S. dollar deficit, mostly due to an increase in South Koreans' overseas trips.

While the capital account posted a net outflow amounting to 47. 3 million U.S. dollars, the portfolio investment account marked an 8.63 billion U.S. dollar net inflow during the cited period, the BOK said.

For the whole year, the BOK predicted the current account surplus to top around 21 billion U.S. dollars, revising up its earlier projection of 10.5 billion U.S. dollars on the back of robust exports.

Thanks to brisk trade conditions, the South Korean economy grew 7.6 percent in the first half of 2010 from a year earlier.



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