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South Korea's Yoon says current account to post surplus this year

South Korea's Yoon says current account to post surplus this year

South Korea's President Yoon Suk Yeol addresses the 77th Session of the United Nations General Assembly at UN Headquarters in New York City, US on Sep 20, 2022. (File photo: Reuters/Brendan McDermid)

SEOUL: South Korean President Yoon Suk-yeol said on Tuesday (Oct 4) the current account would be in surplus for the whole of this year despite a trade deficit in recent months, blaming the shortfall on raw materials and semiconductor price changes.

"While declines in semiconductor (export) prices and rises in import prices of raw materials have generated trade deficits, the current account is expected to post a surplus for the whole of this year," Yoon told reporters upon arriving at his office.

He said the government would manage the situation well by maintaining what it calls its emergency control mode.

South Korea posted a trade deficit for the past six months on a surge in global prices of energy and raw materials.

Source: Reuters/st
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