The country's current account balance logged a $2.68 billion surplus in December, after a $0.22 billion deficit in November, according to the Bank of Korea. It swung to the red in a total of three months last year - November, August and April. In December, the balances of goods and services posted deficits of $0.48 billion and $1.39 billion, respectively, but the surplus in primary income jumped to $4.79 billion, due to an increase in dividend income.
Earlier this month, data showed South Korea's trade deficit soared to a record high of $12.69 billion in January, indicating a high possibility of another month in deficit for the current account. South Korea's annual current account balance for 2022 stood at a $29.83 billion surplus, which was smaller than a $85.23 billion surplus in 2021 and the smallest since 2011. The central bank expects the account to log a $28 billion surplus in 2023. (Reporting by Jihoon Lee; Editing by Lincoln Feast.)
