South Korea swung to a current account surplus in May as brisk exports boosted the nation's trade balance, the country's central bank said Wednesday.
According to the Bank of Korea, the current account surplus reached $1.27 billion last month, a turnaround from a revised $1.6
billion deficit a month earlier.
"Due to brisk exports, the surplus of the nation's trade balance widened in May, while the income account swung back to a surplus after posting a large deficit in April," the bank said.
The current account is the broadest measure of trade, service and investment flows into and out of the country.
The trade balance, which accounts for the largest portion of South Korea's current account, posted a surplus of $2.7 billion last month as exports grew 20.3 percent on-year, the bank said.
The service account marked a deficit of $1.4 billion last month, compared with a $1.3 billion shortfall a month earlier.
The income account deficit, which includes South Korea's dividend payments abroad, posted a surplus of $387 million last month, up from a $1.9 billion deficit in April, the bank said. Seoul, June 28 (Yonhap News)
S. Korea's current account swings to surplus in May |
