SEOUL - South Korea has achieved a current account surplus for the fifth consecutive month in September, bolstered by a significant trade surplus and increased dividend income from overseas, as reported by the Bank of Korea (BOK) on Wednesday.
According to Yonhap News Agency, South Korea's current account surplus stood at US$5.42 billion in September, up from the $4.98 billion surplus recorded in the previous month. This positive trend is attributed to the country's consistent trade balance surplus over the past six months and a rise in interest income.
In September, South Korea's goods account recorded a surplus of $7.42 billion, an increase from the $5.21 billion surplus in August. This marks the largest trade surplus since September 2021, when the surplus was $9.5 billion. The significant surplus in September resulted from a more considerable decrease in imports, which fell by $8.02 billion or 14.3 percent, compared to a 2.4 percent decline in exports, amounting to $1.35 billion.
The primary income account, encompassing wages of foreign workers, dividend payments from overseas, and interest income, also showed a surplus. It reached $1.57 billion in September, up slightly from the $1.46 billion surplus in August.
However, the services account continued to record losses, with a deficit of $3.19 billion in September, worsening from the $1.57 billion deficit in the previous month.
Cumulatively, in the first nine months of 2023, South Korea's current account surplus amounted to $16.58 billion, which is notably lower than the $25.75 billion recorded during the same period last year.
The BOK anticipates that the current account surplus for the year may align with its estimate of approximately $27 billion. This continued surplus highlights South Korea's resilient economic performance amid global economic challenges.