South Korea's current account surplus hits record high in 2014

By Park Sae-jin Posted : February 2, 2015, 17:32 Updated : February 2, 2015, 17:32


South Korea's accumulated current account surplus reached a record high of US$89.42 billion last year, the central bank announcement on Monday.

The figure represents a 10.2 percent ($8.27 billion) rise from the previous record of $81.15 billion set a year earlier.

The goods account surplus totaled $92.89 billion in 2014, up from $82.78 billion in 2013, according to preliminary data compiled by the Bank of Korea (BOK).
Exports inched up 0.5 percent to $62.15 billion on-year in 2014, while imports decreased 3.4 percent to $53.53 billion over the cited period amid sluggish domestic consumption.

The services account deficit widened to $8.16 billion last year from $6.50 billion a year earlier.

The logistics and construction account surpluses fell from $7.35 billion to $3.75 billion and from $15.52 billion to $13.84 billion on-year in 2014, respectively. 

The travel account posted a deficit of $5.32 billion, down from $7.02 billion a year earlier. 
In December alone, the country's current account surplus totaled $7.22 billion, down from a revised monthly record high of $11.32 billion tallied in the previous month.
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