Korea’s current account surplus extends for 5th month in Sept.

[Courtesy of BOK]

South Korea’s current account balance continued its five consecutive months of surplus in September thanks to a slight recovery in exports and lower oil prices.

According to data from the Bank of Korea on Wednesday, the country’s current account surplus came to $5.42 billion in September, maintaining the surplus streak for the fifth month in a row.

The BOK expected the surplus to continue into the following month.

The cumulative surplus in the January-September period, however, stood at $16.5 billion, which is only 65 percent of the previous year’s figure.

The goods account recorded a surplus of $7.42 billion in September. Exports totaled $55.65 billion, down 2.4 percent from the same month a year ago.

Exports of semiconductors, chemicals, and petroleum products remained below the previous year’s levels but those of passenger vehicles surged 9.1 percent on the back of high demand in the U.S. and European Union (EU).

Outbound shipments to the U.S. and EU showed recovery, while those to China, Southeast Asia, and Japan declined.

Imports registered a total of $48.2 billion, marking a 14.3 percent decrease from the same month in the previous year.

Commodity imports fell 20.9 percent, primarily attributed to lower energy import prices. Imports of gas, coal, and crude oil declined by 63.1 percent, 37 percent, and 16.2 percent, respectively.