South Korea current account surplus steady at $7.91B in July

Nathan Andrada – Fourth Estate Cooperative Contributor

Seoul, South Korea (4E) – South Korea posted unadjusted current account surplus of $7.91bn in July, according to the Bank of Korea report released Thursday.

The figure was almost unchanged from the surplus of $7.92bn in June.

The goods account surplus increased to $6.86bn, from the prior month’s $6.65bn. The deficit in the services account fell to $0.01bn from $0.58bn in the prior month.

Direct investment registered a net outflow of $1.01bn, compared with the $2.06bn in the previous month, driven by the decline of residents’ outward investment.

Portfolio investment registered a net outflow of $1.74bn, compared with $4.22bn in June, as foreign equity investments posted a net inflow.

Thursday’s report showed that the economy’s current account surplus was at $47.1bn in the first seven months of the year.

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