- POSTED: 30 Dec 2013 10:32
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South Korea posted a current account surplus of $6.03 billion in November, the central bank said Monday, with the accumulated surplus so far this year exceeding the government's estimate.
SEOUL: South Korea posted a current account surplus of $6.03 billion in November, the central bank said Monday, with the accumulated surplus so far this year exceeding the government's estimate.
The current account figure -- the broadest measure of a country's trade with the rest of the world -- follows a record high of $9.51 billion in October, according to data from the Bank of Korea (BOK).
But it was the 22nd consecutive month that South Korea -- Asia's fourth-largest economy -- has posted a current account surplus since it last posted a deficit in January 2012.
The accumulated surplus from January to November this year stood at $64.3 billion, beating the central bank's estimate of $63 billion for the whole of 2013.
The annual surplus is also on course to shatter the previous record of $43.2 billion posted last year.
Exports -- which account for nearly a half of the country's entire economy -- fell 1.9 percent on-year to $48.8 billion, while imports lost 0.2 percent to $42.6 billion.
Falling shipments of display panels and steel products offset the increase in shipments of mobile devices, memory chips and ship vessels, the BOK said.
The services account, which includes transport, travel and other services, turned to a deficit of $700 million.
The BOK put this down to growing spending by South Koreans travelling overseas and increased royalty payments.
The latest deficit in the services account was compared to a surplus of $1.65 billion in October and $250 million a year ago.
South Korea's economy expanded 1.1 percent in the second and third quarters of this year -- the fastest pace since the first quarter of 2011.
The government has predicted that the country's economy will grow by 2.7 percent this year and 3.9 percent in 2014.