South Korea Logged $5.42 Billion Current Account Surplus For the Fifth Consecutive Month In September 2023

By posting a $5.42 billion surplus in the current account in September, South Korea remained positive for the fifth consecutive month. A Korean bank published these reports on Wednesday. In August 2023, this balance was $4.98 billion. 

The goods account also recorded a surplus of $7.42 billion, up from the remaining $5.21 billion in August. Still, the service account showed a deficit of $3.19 billion, up from $1.57 billion in the previous month, owing to the continued travel account deficit.

The primary account, which includes monthly salary and investment income like equity, recorded a surplus of $1.57 billion on higher overseas dividend income. In comparison, the secondary income account has a deficit of $0.38 billion.

Portfolio investment, which includes bond trading and stock, overseas investment by residents increased this month by $6.57 billion, and portfolio investment liabilities increased by $1.37 billion.

When you look at the financial account, which measures cross-border capital flow without transactions in goods and services, net assets recorded an increased net outflow of $4.52 billion in September this year.

Exports decreased 2.4% from a year before to $55.65 billion in September, while imports dropped 14.3% from $48.23 billion. Both direct account investment and liabilities are optimistic this year. Direct investments increased by $2.00 billion, and liabilities increased by $0.35 billion.

Financial derivatives recorded a net increase of $0.67 billion. Other investments are recorded with a deficit of $5.24 billion in assets and a decrease of $3.48 billion in liabilities. Reserve assets also show a deficit of $1.24 billion.

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