South Korea Posts $6.93 Billion Current Account Surplus In March
(RTTNews) - South Korea had a current account surplus of $6.93 billion in March, the Bank of Korea said on Thursday.
That's up from $6.86 billion in February.
The goods account recorded an $8.09 billion surplus as exports increased annually by 3.0 percent to $58.27 billion and as imports decreased by 13.1 percent to $50.18 billion, both compared to one year earlier.
The services account posted a $2.43 billion deficit owing to deficits in the use of intellectual property and travel accounts.
The primary income account recorded a $1.83 billion surplus due to an increase in the income on equity.
The secondary income account recorded a $0.56 billion deficit.
Looking at the financial account, net assets increased by $11.06 billion during March.
Direct investment assets increased by $2.83 billion, and direct investment liabilities increased by $1.61 billion, resulting in a net increase of $1.22 billion.
There was an $8.88 billion increase in portfolio investment assets during the month, and a $0.84 billion decrease in portfolio investment liabilities, leading to a net increase of $9.72 billion.
Financial derivatives posted a net increase of $0.78 billion.
In terms of other investments, there was a net decrease of $4.22 billion with a decrease of $0.04 billion in assets and an increase of $4.18 billion in liabilities.
Reserve assets increased by $3.56 billion.
For the first quarter of 2024, the current account surplus was $16.84 billion.
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