SEOUL: South Korea's current account surplus hit a 13-month high in November thanks to robust exports despite growing fears of a global slowdown, the central bank said Thursday.
The surplus in the account, the broadest measure of international trade, was $5.05 billion last month compared to a revised $4.13 billion in October.
It was the highest surplus since $5.49 billion in October 2010.
The current account remained in surplus for the 21st straight month, suggesting the country's fundamentals remain sound despite economic turbulence in Europe and the United States.
Exports to Europe fell 5.1 percent in November compared to a year earlier, although the pace of decline eased from October's 20.3 percent fall.
The total goods account registered a surplus of $4.49 billion in November, up from a surplus of $3.55 billion in October, thanks to strong overseas sales of petrochemical products and automobiles.
Exports rose 12.6 percent year-on-year to $47.1 billion and imports gained 10.4 percent to $42.6 billion.
The service account, which includes spending by South Koreans on overseas trips, saw a surplus of $357 million last month, up from $2.8 million in October.
The primary income account, which records wages for foreign workers and dividend payments overseas, recorded a surplus of $446 million in November, down from $644 million in October.
Comments
Comments are closed for this article.