Korea logs current account surplus for 21st month in January
Shipping containers are stacked at a port in Busan, Dec. 11, 2024. Newsis
Korea's current account surplus markedly narrowed in January from a month earlier amid falling exports, though it logged a surplus for the 21st consecutive month, central bank data showed Friday.
The country's current account surplus reached $2.94 billion in January, following a $12.37 billion surplus the previous month, according to the data compiled by the Bank of Korea.
The goods account logged a $2.5 billion surplus in January, marking the 22nd consecutive month of surplus, though the figure shrank from a $10.43 billion surplus a month earlier.
Exports fell 9.1 percent from a year earlier to $49.81 billion, which marked the first on-year decline in 16 months on falling global demand for vehicles and petroleum products, as well as fewer working days caused by an extended Lunar New Year holiday.
"The current account surplus narrowed as a high base effect and fewer working days in January led to the on-year fall in exports," BOK official Song Jae-chang told a press briefing.
Imports fell 6.2 percent to $47.31 billion in January on falling energy prices and weak domestic demand.
The services account registered a $2.06 billion deficit due largely to rising demand for overseas travel during the winter vacation and holiday season, according to the central bank.
The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, logged a $2.62 billion surplus in January, narrowing from the previous month's $4.76 billion surplus.
"The country is expected to report a larger current account surplus in February. For the entire year, exports are projected to expand further, driven by IT sectors, though their growth would slow down amid the U.S. government's new tariff policy and worsening global trade circumstances," Song said.
In 2024, the country reported a current account surplus of $99.04 billion, marking a sharp increase from a surplus of $32.82 billion a year earlier. (Yonhap)