Current Account Surplus in Black for 29 Months in a Row

Korea recorded a current account surplus of US$7.91 billion in July to remain in the black for 29 consecutive months.

According to the Bank of Korea’s tentative data announced on August 28, the current balance decreased by US$10 million from the previous month in July, and the cumulative current account surplus for the seven months of this year reached US$47.1 billion to hit a new high. The amount had been US$39.25 billion a year ago.

Specifically, the goods balance increased from US$6.65 billion to US$6.86 billion between June and July. The exports went up by 1 percent year-on-year to US$53.89 billion thanks to automobiles and steel products, while the imports jumped 3.5 percent to US$47.03 billion due to an increase in the prices of raw materials.

The service account balance was improved from US$580 million to US$10 million in the red. The number of inbound Chinese tourists soared in July to limit the tourism balance deficit to US$550 million.