The current account balance in October saw a surplus for the 18th consecutive month.
A report on balance of payments in the month released on Dec. 7 by the Bank of Korea said the current account surplus of USD 6.95 billion continued a streak that began in May last year, but the amount was down USD 4.6 billion from USD 11.55 billion in October last year.
Global economic recovery saw exports rise 20.1% to USD 55.97 billion from USD 46.6 billion in the same month last year. Imports also jumped 38.2% to USD 50.34 billion from USD 36.43 billion year on year due to higher prices of crude oil and materials.
As imports rose more than exports, the goods account balance, or the gap between exports and imports, saw a surplus of USD 5.64 billion, down from USD 10.17 billion year on year.
The service account marked a surplus of USD 630 million due to improvement in the transportation account, a reversal from a deficit of USD 830 million year on year. The transportation account saw a record surplus.
The black figure in the primary income account plummeted from USD 2.5 billion a year ago to USD 670 million.
Financial accounts, which reflect capital outflow, saw an increase of USD 7.01 billion in net assets.
Overseas investment by Korean nationals grew USD 7.72 billion while foreign investment in Korea rose USD 3 billion.
Source: Korea.net