Prime Minister Han Duck-soo says the nation’s balance of payments surplus is expected to reach between 40 and 50 billion dollars this year.

Han offered the forecast while chairing a Cabinet meeting on Tuesday.

He said that although the nation is estimated to have posted a trade deficit of some 15 billion won in the first seven months of the year, the current account surplus of 40 to 45 billion dollars projected by the finance ministry in June is what should be noted. 

The prime minister stressed that the standards applied to exports and imports in the trade balance are different from those applied on balance of payments.

Han also noted the Bank of Korea forecasts a current account surplus of some 50 billion won for this year. 

He said the projected figure, however, is smaller than last year’s 88-point-three billion dollars mainly due to the rise in global oil prices.