S. Korea logs current account surplus for 8th month in December

South Korea logged a current account surplus for the eighth straight month in December on the back of an increased trade surplus and increased dividends from overseas, central bank data showed Wednesday.

The country’s current account surplus reached US$7.41 billion in December, following the surplus of $3.89 billion.

December’s surplus came as the country’s trade balance has remained in the black.

The country’s goods account racked up an $8.04 billion surplus in December, following a $6.88 billion surplus the previous month.

The nation’s outbound shipments rose 5 percent on-year in December to $57.61 billion, while imports dropped 10.8 percent over the cited period to $53.16 billion, according to the central bank’s data.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a $2.46 billion surplus in December, following a $120 million loss in November, the data showed.

The services account deficit widened to $2.54 billion in December from a deficit of $2.21 billion the previous month, the data showed.

Last year, the country reported a current account surplus of $35.49 billion, compared with a surplus of $25.83 billion during the same period last year.

Last year’s current account surplus was higher than the central bank’s estimate of $30 billion.

For the year, the central bank forecast the current account surplus will widen to $49 billion on a recovery in exports.