▲ The Jan. 11, 2022, file photo shows a ship full of containers departing South Korea's largest port city of Busan. According to customs authorities, the country's outbound shipments registered US$13.9 billion during the first 10 days of the year, up 24.4 percent on-year. (Yonhap)

current account-December

S. Korea's current account surplus halved on-year in December amid soaring imports

SEOUL, Feb. 10 (Yonhap) -- South Korea's current account surplus was halved in December from a year earlier as imports grew at a much faster pace than exports amid higher energy and raw material prices, central bank data showed Thursday.

The current account surplus amounted to US$6.06 billion in December, compared with a surplus of $12.06 billion a year earlier, according to the preliminary data by the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.

The December figure was also smaller than the previous month's surplus of $6.82 billion though it remained in the black for the 20th straight month.

For the whole of 2021, the country's current account surplus reached $88.3 billion, which was higher than the previous year's $75.9 billion. The amount still fell short of the BOK's surplus forecast of $92 billion.

The on-year decline in December stemmed mostly from imports, which grew much faster than exports, driven by high energy and raw material prices.

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