S. Korea's C/A in surplus streak for 17th mo in Sept on record shipping revenue

South Korea extended its black streak in current account for the 17th consecutive month in September on robust semiconductor and auto exports as well as soaring freight charges.

The country’s current account registered a surplus of $10.07 billion in September, slight off from $10.34 billion in the same month a year ago but stronger than $7.51 billion in the previous month, according to data released from the Bank of Korea on Friday.

The surplus in the goods account came at $9.45 billion, eased by $2.65 billion compared to a year earlier but up $5.64 billion from August. Exports grew 14.5 percent on year to $56.44 billion, while imports gained 26.3 percent to $46.98 billion.

Service account recorded a deficit of $20 million, narrowed from the red of $2.08 billion a year ago.

In services account, transportation account registered a surplus of $2.06 billion versus a surplus of $290 million a year ago thanks to the rising global shipping charges.

The Shanghai Containerized Freight Index (SCFI), widely cited metric on market freight quotations, surged 230.2 percent in September from the same period last year, which led to record-high ocean cargo shipping revenue of $4.63 billion.

The travel account, however, recorded deficit of $470 million, widening from $380 million a year prior.

The primary income account, which tracks wages of foreign workers and dividend payments overseas, showed a surplus of $750 million, up $60 million on year on dividend income growth. Dividend income account turned around to a surplus of $10 million from a deficit of $80 million a year ago.

Net assets in financial account increased by $9.78 billion.

Direct investment of Koreans overseas expanded $4.35 billion while that of foreigners in Korea was shaved by $340 million.

In securities, Koreans’ investment gained $7.76 billion and foreigners’ $7.83 billion.

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