SEOUL, October 02 (AJP) -South Korea posted a current account surplus of $9.15 billion in August, extending its black streak to 28 consecutive months, as a sharp fall in energy imports offset weaker exports to key markets including the United States and China.
According to preliminary data from the Bank of Korea on Thursday, the August surplus was down from $10.78 billion in July but marked the largest for the month on record. The cumulative surplus for January–August reached $69.3 billion, up 24 percent from a year earlier.
The goods account surplus stood at $9.4 billion, the second-largest for August but down $800 million from July. Exports fell 1.8 percent year-on-year to $56.44 billion, the first drop in three months. Shipments of semiconductors and passenger cars increased, while steel, computer peripherals, and wireless devices declined. Exports grew only to Southeast Asia, while shipments to the U.S., EU, Japan, and China fell.
Imports slid 7.3 percent to $47.04 billion, led by a 10.6 percent drop in raw materials such as coal, petroleum products, and crude oil, reflecting lower global energy prices. Capital goods imports, including IT devices and semiconductor equipment, rose 3.1 percent.
The services account logged a $2.12 billion deficit, little changed from July but nearly double the $1.11 billion shortfall a year earlier. The travel deficit widened to $1.07 billion, while the intellectual property account stayed in the red.
The primary income account surplus narrowed to $2.07 billion from July’s $2.95 billion, as dividend income dropped by $1 billion to $1.58 billion on seasonal payouts. Still, it was the second-largest August reading.
On the financial account, net asset growth totaled $7.88 billion. Direct investment rose with $1.44 billion in outbound and $2.15 billion in inbound flows. Securities investment saw $8.41 billion in outbound purchases—mainly stocks—while inbound investments added $290 million, also centered on equities.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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