SEOUL – South Korea’s current account surplus increased by 51.3 percent year-on-year, mainly thanks to the trade balance surplus, the Bank of Korea (BOK) announced on Friday.
South Korea achieved a current account surplus of $12.21 billion in the ninth month of the year, according to data released by the BOK. The trade balance or the balance of goods surplus increased in September by 40.8 percent year-on-year to just over $15 billion.
South Korean exports increased 25.5 percent compared to the same month in 2016 to reach $55.09 billion, while imports also grew 20.5 percent to $40 billion.
In turn, the deficit in the services balance widened by 12.4 percent year-on-year to $2.9 billion.
The balance of primary income attained a surplus of $1.15 billion, 47.4 percent more than a year ago.