Data out earlier this month showed the country's trade
deficit more than halved to $5.30 billion in February from a
record $12.65 billion in January, suggesting an improvement in
the current account.
Vice Finance Minister Bang Ki-sun said after the data
release that the government would continue efforts to improve
exports and seek ways to boost domestic travel, while citing
dividend payouts as a factor to cause volatility in the account
in the first half of 2023.
The BOK expects the current account to log a $26 billion
surplus in 2023, narrower than $29.83 billion in 2022.
(Reporting by Jihoon Lee; Editing by Leslie Adler and Stephen
Coates)
(Corrects year to 2023 from 2022 in 5th paragraph)
SEOUL, March 10 (Reuters) - South Korea's current
account logged a record deficit in January, central bank data
showed on Friday, as exports of goods slumped and overseas
travel increased.
The country's current account balance logged a deficit of
$4.52 billion in January, after a $2.68 billion surplus in
December, according to the Bank of Korea (BOK). It was the
biggest monthly deficit since the data series started in 1980.
The balances of goods and services each posted a deficit of
$7.46 billion and $3.27 billion, with a drop in exports and jump
in travel outflows, although the surplus in primary income
widened to $6.48 billion.
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