Current account surplus widens in February - The Korea Times
The Korea Times

Settings

ⓕ font-size

  • -2
  • -1
  • 0
  • +1
  • +2

Current account surplus widens in February

Containers fill the platform of a port in Busan. Yonhap
Containers fill the platform of a port in Busan. Yonhap

South Korea's current account surplus widened in February as exports showed signs of a gradual recovery from the COVID-19 pandemic, the central bank said Wednesday.

The current account surplus reached US$8.03 billion last month, widening from a surplus of $7.06 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.

Since the country logged a deficit of $3.33 billion in April last year, the largest in almost a decade, on faltering exports amid the pandemic, the current account has stayed in the black.

The goods balance logged a surplus of $6.05 billion in February, larger than a surplus of $5.73 billion the previous month.

Exports, which account for half of the South Korean economy, rose 9.5 percent on-year in February to extend their on-year gains for the fourth consecutive month on the back of brisk demand for chips and cars.

Exports came to $44.8 billion in February, compared with $40.9 billion a year earlier.

Imports gained 13.9 percent to $42.1 billion, resulting in a trade surplus of $2.71 billion. It marked the 10th consecutive month for the country to post a trade surplus.

The country's overseas shipments have been battered by the fallout of the COVID-19 pandemic. But the pace of the slump has eased since June last year as major economies slowly began resuming business activities and easing border lockdowns. (Yonhap)




X
CLOSE

Top 10 Stories

go top LETTER

The Korea Times

Sign up for eNewsletter