South Korea logged the largest current account surplus in 32 months in May on the back of a sharp rise in the trade surplus and increased dividend income, central bank data showed Friday.
The country’s current account surplus reached $8.92 billion in May, a turnaround from a deficit of $290 million in April.
The May surplus marks the largest since September 2021, when the surplus came in at $9.51 billion.
In the first five months of the year, the country’s current account surplus reached $25.47 billion, a turnaround from a deficit of $5.03 billion during the same period of last year.
The central bank cautiously expects the year’s current account surplus to be higher than expected, although there are still headwinds such as uncertain economic conditions and oil prices.
May’s surplus came as the country’s trade surplus sharply increased and dividend payments from overseas increased.
The country’s goods account racked up an $8.75 billion surplus in May following a $5.11 billion surplus the previous month.
Exports gained 11.1 percent on-year to reach $58.95 billion in May, while imports declined 1.9 percent to $50.20 billion.
The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a $1.76 billion surplus in May, a shift from a $3.33 billion deficit in April, the data showed.
The services account deficit narrowed to $1.29 billion in May from a deficit of $1.66 billion the previous month, the data showed. (Yonhap)