South Korea’s current account surplus fell sharply in January due to rising oil prices, the Bank of Korea (BOK) said Tuesday. in English).
The central bank indicated that the current account surplus was 7,060 million dollars in January, which is a reduction compared to the surplus of 11,510 million dollars the previous month.The current account is the broadest measure of cross-border trade.
Since the country posted a $ 3.33 billion deficit in April last year, the highest in nearly a decade, due to sluggish exports amid the COVID-19 pandemic, the current account has been posting a positive balance. .
The balance of goods reported, in January, a surplus of 5.73 billion dollars, which was less than the 10.5 billion dollars of the previous month.
Exports, which make up half of the South Korean economy, rose 9 percent in January from a year earlier, extending their streak of year-on-year gains for the third month in a row, thanks to strong demand for chips and cars.
Exports stood at 46,660 million dollars in January, which represents an increase compared to 38,080 million dollars last year.
Imports increased slightly compared to last year, to $ 40.93 billion, resulting in a trade surplus of $ 3.66 billion.This marked the ninth consecutive month in which the country registered a trade surplus.
The country’s exports were affected, this year, by the repercussions of the COVID-19 pandemic.However, the rate of decline in exports has slowed since June last year, as the major economies began to resume trading activities and gradually ease border blockades.