Business News

S. Korea's Current Account Surplus Near Record High


South Korea's current account surplus slightly fell in April from a record high during the previous month as a rebound in the won increased overseas travel, central bank data showed on Thursday.

Korea, Korean Flag

The current account -- the broadest measure of foreign trading in goods and services -- stood at a seasonally adjusted surplus of $6.51 billion in April, compared with a revised $6.64 billion surplus in March, the Bank of Korea said in a statement.

The services account deficit widened to a seasonally adjusted $1.19 billion in April from a revised $745 million shortfall in march, according to the central bank data.

The won's value against the dollar rose about 8 percent in April.

But the goods account surplus in April grew to a seasonally adjusted $7.18 billion from a revised $6.51 billion in March, with falls in exports to major markets easing.

Exports to China, South Korea's biggest overseas market, fell 19.0 percent in April, compared to a 22.3 percent drop in March, and a decline in sales to the United States eased to 22.7 percent from 27.2 percent.

Last month, the central bank revised its current account surplus forecast for all of this year to $18.0 billion from the previous $22.0 billion.

More From

  • Japanese Exports Show Modest Signs of Recovery
  • IBM Earmarks $3 Billion for Europe, Asia Stimulus
  • Bottom of US Recession Hasn't Arrived: Roubini
  • More Asia Pacific News

Before seasonal adjustment, South Korea reported a current account surplus of $4.28 billion in April, compared with a revised $6.65 billion surplus in March, the central bank said in a statement.

South Korea's foreign borrowing rose by a net $1.43 billion in April after a net increase of $450 million in March, the data showed.