S. Korea's current account returns to surplus in May
SEOUL, July 5 (Yonhap) -- 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 US$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.
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.
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