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S. Korea Posts Current Account Surplus in June

Written: 2022-08-05 08:54:34Updated: 2022-08-05 13:18:07

S. Korea Posts Current Account Surplus in June

Photo : YONHAP News

South Korea posted a current account surplus for the second consecutive month in June, although the net total declined from a year ago.

According to tentative data from the Bank of Korea on Friday, the country's current account posted a surplus of five-point-61 billion U.S. dollars in June.

While the nation logged a surplus for a second straight month, it marked a decrease of three-point-22 billion dollars from a year earlier due to spikes in import costs.

The cumulative current account surplus for the first half of the year came to 24-point-eight billion dollars, surpassing the central bank's prediction in May of 21 billion dollars. It is uncertain, however, whether the figure will reach the target of 50 billion dollars for the whole year.

Exports rose by nine-point-one percent on-year to 59-point-five billion dollars in June, while imports jumped 18-point-nine percent to 55-point-nine billion dollars amid the rising costs of crude oil and raw materials.

In particular, imports of crude oil and coal spiked 53-point-one percent and 189 percent, respectively.

The service sector logged a deficit of 490 million dollars in June, but the shortfall declined from the previous year's deficit by 530 million dollars.

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