Cairo: Korea's current account surplus narrowed sharply from a month earlier in October as exports fell mainly due to fewer working days caused by the Chuseok holiday, but the cumulative surplus during the first 10 months of this year reached an all-time high, central bank data showed.
According to Emirates News Agency, the country's current account surplus was US$6.81 billion in October, down from $13.47 billion a month earlier, as reported by data from the Bank of Korea (BOK). This marks the 30th consecutive month of surplus, with Korea maintaining a current account surplus every month since May 2023, which is the second-longest surplus streak recorded.
During the first 10 months of this year, the cumulative surplus totaled $89.58 billion, compared with $76.63 billion during the same period last year, marking the largest amount ever recorded for the cited period. The central bank's latest economic outlook, released last month, projected this year's annual current account surplus at a record high of $115 billion.
The goods account posted a surplus of $7.82 billion in October, narrowing from the previous month's $14.24 billion surplus. This was due to a 4.7 percent on-year decline in exports to $55.88 billion, influenced by fewer working days during the extended Chuseok holiday. Imports also declined by 5 percent to $48.06 billion.