South Korea extended its current surplus streak for the 27th consecutive month in May as exports continued to remain solid, central bank data showed Friday.
The current account surplus reached $9.3 billion last month, compared with $7.12 billion in April, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.
The May figure, without seasonal adjustments, marks the highest level since October last year when the country’s current surplus soared to a record high of $11.11 billion.
The monthly data was widely expected as Asia’s fourth-largest economy has been logging a surplus for more than two years since March 2012.
With the May figure, the accumulated current surplus in the first five months of the year totaled $31.5 billion, growing faster than $24.76 billion in the same period last year.
The balance of Korea’s goods posted a surplus of $9.35 billion in May, narrowing from $10.65 billion the previous month.
Overseas shipments slipped 1.8 percent on-year to $52.61 billion in May, with imports also falling 1.6 percent to $43.26 billion. (Yonhap)
