Korea's current account surplus narrows to $5.28b in Jan.

Published : Mar 3, 2017 - 09:58 Updated : Mar 3, 2017 - 09:58

South Korea's current account surplus narrowed in January due to an increased deficit in the service balance, central bank data showed Friday.

The country's current account surplus reached $5.28 billion in January, compared with a surplus of $7.18 billion a year earlier, according to the preliminary data from the Bank of Korea.

The figure represents a surplus for 59 months in a row. The current account is the biggest measure of cross-border trade.

(Yonhap)

The BOK said the service balance deficit hit a record high of $3.36 billion in January, compared with a deficit of $1.84 billion a year earlier.

The BOK blamed increased outbound travelers for the record deficit in the service balance.

The number of South Koreans who traveled to foreign countries jumped 10.9 percent on-year to 2.34 million in January, fueled by the Lunar New Year holiday and school winter breaks, according to data compiled by the Korea Tourism Organization.

In the primary income account, the country posted a surplus of $1.09 billion for the month, compared with a surplus of $1.23 billion a year earlier.

Exports rose 18 percent on-year to $44.11 billion and imports also increased 24 percent to $36.29 billion. (Yonhap)