South Korea records current account surplus of USD 5.93 billion in March

The South Korean current account recorded a surplus of USD 5.93 billion in March 2017, showed the preliminary data released by the Bank of Korea. The country has recorded a USD 19.61 billion surplus for the first quarter of 2017. The goods account surplus narrowed to USD 9.8 billion, as compared with the surplus of USD 12.84 billion in the first quarter of 2016.

Meanwhile, the services account deficit widened to USD 3.27 billion from USD 0.92 billion, thanks to deficits in the travel and the transport accounts. The primary income account deficit narrowed from USD 0.87 billion one year ago to USD 0.59. This is consistent with a drop in the payments on equity account. The secondary income account indicated a slight deficit.

Meanwhile, the financial account registered an overall USD 6 billion expansion in net assets in the month. Direct investment assets rose USD 2.62 billion, whereas direct investment liabilities were up by USD 3.16 billion. Portfolio investment assets increased USD 9.43 billion in the month, whereas a USD 7.04 billion increase was seen in portfolio investment liabilities.