South Korea keeps longest current account surplus

Seoul, Aug 3 (IANS) South Korea kept the longest trend of current account surplus for 40 months, resulting in the largest surplus of over $50 billion in the first half of this year.

Current account surplus was $12.19 billion in June, up 41.4 percent from a month earlier, according to the Bank of Korea. The current account balance has stayed in the black for the longest 40 months since March 2012, Xinhua news agency reported on Monday.

Helped by the continued monthly surplus, the first-half surplus amounted to $52.39 billion, topping the $50 billion mark for the first time in history. It was up 32.9 percent from the same period of last year.

The central bank had set its 2015 outlook for current account surplus at $98 billion amid lower crude oil prices that reduced energy import costs at a faster pace than exports fall, causing the “recession-type” surplus.

 

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