S. Korea's Current Account Surplus Drops in October

Write : 2017-12-05 09:19:31 Update : 2017-12-05 09:59:28

S. Korea's Current Account Surplus Drops in October

South Korea's current account surplus shrank in October due to a record high deficit in the services account and slowed exports.
 
According to the Bank of Korea's(BOK) preliminary data on Tuesday, the country's current account surplus reached five-point-72 billion dollars in October, a sharp drop from 12-point-three billion dollars tallied in the previous month.
 
The services account marked its largest ever deficit in October at three-point-53 billion dollars, due to a plunge in the number of tourists to the country and a surge in the number of outbound travelers.
 
The figure represents the largest monthly deficit. The previous record is three-point-34 billion dollars set in January.
 
A BOK official explained that the deficit was mainly due to a significant shortfall in the tourism sector. The tourism deficit in October was the second largest ever at one-point-67 billion dollars. 
 
The official said that the number of Chinese tourists who visited South Korea plunged due to China's travel ban over the deployment of the U.S. THAAD antimissile system, while the number of South Koreans traveling abroad soared during the long Chuseok holidays early in October.

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