[Breaking] October Current Account Surplus of $880 Million... Goods Balance Turns Deficit

Busan Port's Sinsundae and Gammam Pier are filled with export and import containers. [Image source=Yonhap News]

In October, the current account recorded a surplus of 880 million dollars. The surplus narrowed by more than 7.1 billion dollars compared to last year as the goods balance turned to a deficit after one month.

According to the "October Balance of Payments (provisional)" announced by the Bank of Korea on the 9th, the current account for this month was recorded as a surplus of 880 million dollars. The surplus decreased by 7.13 billion dollars compared to the same period last year.

The cumulative current account from January to October stands at 24.99 billion dollars. Earlier, the Bank of Korea significantly lowered this year's current account surplus forecast from 37 billion dollars to 25 billion dollars through the revised economic outlook last month. The goods balance in October recorded a deficit of 1.48 billion dollars. Although it turned to a surplus of 466 million dollars in September after three months, it returned to a deficit in just one month.

The services balance surplus narrowed from 640 million dollars in the same month last year to 50 million dollars due to a reduced surplus in the transportation balance. The primary income balance surplus expanded from 1.25 billion dollars last year to 2.26 billion dollars due to increased dividend income. The secondary income balance recorded a surplus of 50 million dollars.

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