South Korea posted a current account surplus for the tenth consecutive month in February on the back of a recovery in exports despite the COVID-19 pandemic.
According to tentative data from the Bank of Korea on Wednesday, the country's current account surplus reached eight-point-03 billion U.S. dollars in February, up one-point-62 billion dollars from a year earlier.
The current account has been in the black for ten straight months since the country logged a deficit of three-point-33 billion dollars in April of last year.
The goods balance declined 550 million dollars on-year to a surplus of six-point-05 billion dollars as imports grew at a faster pace than exports.
Exports increased by nine-point-two percent on-year to 44-point-seven billion dollars, while imports jumped 12-point-six percent on-year to 38-point-seven billion dollars.
The service account increased to a surplus of 130 million dollars in February from a deficit of one-point-44 billion dollars a year earlier.
In particular, the transportation account posted a surplus of 810 million dollars compared to a deficit of 20 million dollars a year earlier amid the gradual recovery of related industries from the pandemic.