S. Korea current account surplus doubles in September
October 30, 2012 AFP
South Korea's current account surplus more than doubled in September from a month earlier as growing exports to Southeast Asia and China offset slowing demand from Europe, the central bank said Tuesday.
The surplus -- the broadest measure of the country's trade with the rest of the world -- totalled US$6.07 billion last month compared with US$2.51 billion in August, the Bank of Korea said.
The reading for September was the second-largest monthly figure since the country posted a record-high surplus of US$6.14 billion in July.
Year-on-year, exports fell 2.0 per cent in September to US$45.6 billion and imports dropped 6.1 per cent to US$42.5 billion.
Exports, which account for nearly half of the country's economy, rose from US$43.6 billion posted in August on increased sales of mobile devices, semiconductors and petrochemical products.
The service account, which includes spending by South Koreans on overseas trips and education, turned to a surplus of US$320 million from a deficit of US$262.2 million in August.
Company — Republic of Korea
Full nameThe Republic of Korea
Registration countryRepublic of Korea