South Korea logged a current account surplus in March as a goods account deficit and dividend payments overseas narrowed amid an extended slump in exports, central bank data showed Wednesday.
The country’s current account surplus reached $270 million in March, swinging from a shortfall of $520 million, according to the preliminary data from the Bank of Korea. In January, the country also suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments.
Consequently, the country reported a current account deficit of $4.46 billion.
March’s surplus came as a deficit in the goods balance narrowed and the primary income account, which tracks wages of foreign workers and dividend payments overseas reported an increased surplus, the data showed.
Exports shrank 13.6 percent on-year to $55.11 billion in March, caused by weak demand for semiconductors, which plunged 33.8 percent on a customs-cleared basis.
Shipments to China and Southeast Asian countries dropped 33.4 percent and 23.5 percent, respectively, over the same period.
Imports, meanwhile, declined 6.4 percent in March to $59.74 billion.
Reflecting the data, the country posted a goods account deficit of $1.13 billion in March, the fifth straight shortfall, the data showed. (Yonhap)
Source: Korea Herald