Korea logs current account surplus for 4th month in August
Building of the Bank of Korea in Seoul is seen in this March 30 photo. Korea Times file
Korea logged a current account surplus for the fourth straight month in August on the back of a widened trade surplus and increased interest income from overseas, central bank data showed Wednesday.
The country's current account surplus reached $4.81 billion in August, following the surplus of $3.74 billion the previous month, according to preliminary data from the Bank of Korea (BOK).
In the first eight months of the year, the country reported a current account surplus of $10.98 billion, sharply down from $23.66 billion during the same period last year.
August's surplus came as the country's trade balance has remained in the black for five straight months and interest income has increased.
The country's goods account racked up a $5.06 billion surplus in August, following a $4.44 billion surplus the previous month.
The nation's outbound shipments fell 6.5 percent on-year, or $3.71 billion, to $53.75 billion in August, while imports dropped 21 percent to $48.68 billion.
The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a surplus of $1.47 billion in August, following a $2.92 billion surplus in July, the data showed.
But the services account suffered an extended loss in August, reaching $1.6 billion, it also showed.
For the year, the central bank expects a current account surplus of $24.5 billion. (Yonhap)