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SEOUL: South Korea recorded a current account surplus for the sixth straight month in July but it narrowed due to a declining trade surplus and more spending on overseas travel, the central bank said Friday.
The surplus reached US$4.4 billion last month compared with US$5.43 billion in June, the Bank of Korea said in a report.
The current account, the broadest measure of trade with the world, has remained in surplus since February as imports have fallen faster than exports amid the global downturn.
The surplus is likely further to prop up the won, which has gained about 26 per cent against the dollar since early March.
The goods balance recorded a surplus of US$6.17 billion in July, compared with a US$6.61 billion surplus the previous month.
Exports fell 20.5 per cent year-on-year to US$33.6 billion last month but imports declined 34.8 per cent to US$27.4 billion.
The shortfall in the service account, which includes outlays by South Koreans on overseas trips, widened to US$1.89 billion last month compared with US$1.45 billion a month earlier.
The income account, which tracks wages for foreign workers and dividend payments overseas, achieved a surplus of US$481.6 million last month compared with US$678 million a month earlier.
The capital account, which tracks cross-border investments, recorded a net inflow of US$2.38 billion in July compared with a net outflow of US$290.5 million a month earlier.
The central bank has forecast a current account surplus of around US$29 billion this year.
The country last year registered a deficit of US$6.41 billion, its first annual current account shortfall for 11 years, as soaring oil prices pushed up import bills.
- AFP/yb
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