Anchor: The country logged the largest current account surplus in two years as the balance remained in the black for the sixth straight month in October. The nation’s outbound shipments also showed an uptick for the first time in 14 months.
Max Lee reports.

Report: South Korea’s current account surplus reached six-point-eight billion U.S. dollars in October to remain in the black for the sixth straight month.

According to preliminary data from the Bank of Korea(BOK) on Friday, October’s surplus was the largest since October 2021 when the comparable figure reached seven-point-nine billion dollars.

With the latest figure, up five-point-42 billion U.S. dollars from the month prior, the country’s current account surplus in the first ten months of the year reached 23-point-37 billion dollars, a ways off the 27-point-38 billion reported in the same period of last year.

Despite the comparative shortfall, the BOK expects this year’s current account surplus to be in line with its estimate of 30 billion dollars.

Analysts say that the latest figures indicate the nation has finally shrugged off a "recession-type surplus" in which imports have decreased more than exports, and will likely see a steady rebound in the near future.

The central bank attributes October’s surplus to the country’s seven-month positive trade balance streak and dividend income from overseas increasing.

The country’s goods account reported a five-point-35 billion-dollar surplus in October.

Outbound shipments rose seven-point-six percent on-year in October to 57 billion dollars to log an uptick for the first time in 14 months, while imports declined four-point-three percent over the same period to 51-point-65 billion dollars.

The BOK says chip exports have rebounded and exports to China are also improving, indicating that a recovery in exports is increasingly gaining momentum.

The central bank also noted that travelers from the Southeast Asian region and Japan have increased, while a recovery in arrivals from China is delayed.
Max Lee, KBS World Radio News.