Current account surplus hits record high of $11.41 billion in November

By Park Sae-jin Posted : December 30, 2014, 15:54 Updated : December 30, 2014, 15:54


South Korea's current account surplus reached a record high of US$11.41 billion in November, thanks to a decline in international oil prices triggered by the Organization of the Petroleum Exporting Countries’ (OPEC) decision not to cut oil supply, the central bank reported on Tuesday.

The surplus widened by $2.57 billion in November from a month earlier as imports shrank at a faster rate, according to the report of the Bank of Korea (BOK).

The November figure represents the highest monthly level since a surplus of $11.11 billion recorded in October last year.

It marked the 33rd consecutive month that the country has posted a current account surplus.

The cumulative current account surplus reached $81.90 billion in the first 11 months of this year, up $7.35 billion or 9.9 percent from the same period last year, the report said.

The goods account surplus amounted to $10.15 billion in November, up $1.66 billion from $8.49 billion a month earlier.

Imports dropped 10.4 percent to $40.04 billion on-year in November, the largest fall since February last year, while exports declined 4.8 percent to $50.20 billion. 

The service account deficit totaled $200 million, less than $250 million tallied in October. 
기사 이미지 확대 보기