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| ▲ This file photo, taken April 21, 2022, shows stacks of containers at a port in South Korea's southeastern city of Busan. (Yonhap) |
current account-March
Current account surplus shrinks in March amid high energy costs
SEOUL, May 10 (Yonhap) -- South Korea continued to post a current account surplus for nearly two years in a row in March, but the surplus contracted as soaring oil prices drove up import costs, central bank data showed Tuesday.
The current account surplus reached US$6.73 billion in March, compared with $7.5 billion tallied a year earlier, according to the preliminary data from the Bank of Korea (BOK).
The cumulative surplus during the January-March quarter was also down to $15.06 billion from the previous year's surplus of $22.34 billion.
The March figure marked the 23rd straight month that the country posted a current account surplus. It, however, declined, affected by a rise in import bills caused by surging energy prices.
Costs of bringing in oil and other raw materials jumped as supply chains remained snarled amid Russia's invasion of Ukraine. South Korea relies mostly on imports for energy needs.
The goods balance, which tracks exports and imports, recorded a surplus of $5.31 billion in March, down from a surplus of $7.85 billion a year earlier.
In particular, exports remained strong, growing 16.9 percent on-year to $64.51 billion. But imports also jumped 25.1 percent to $59.2 billion over the same period.
The service account, which includes outlays by South Koreans on overseas trips, logged a surplus of $360 million in March, compared with a deficit of $1.1 billion a year earlier.
The primary income account, which tracks wages of foreign workers and dividend payments overseas, posted a surplus of $1.15 billion in March, slightly down from $1.29 billion the previous year.
The capital and financial account, which covers cross-border investments, posted a net inflow of $5.37 billion in the month, compared with a net inflow of $10.08 billion a year earlier.
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