S Korea's current account narrows sharply in Aug from July record

28 September 2012 03:53  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s current account surplus narrowed sharply to $2.36bn (€1.82bn) in August this year from a record high in July, amid declining exports, the Bank of Korea (BOK) said on Friday.

The country’s current account surplus posted a record high of $5.1bn in July.

Current account measures an economy’s trade in goods, services, tourism and investment with the rest of the world.

The goods account surplus narrowed to $2.37bn in August from $5.34bn the preceding month, primarily because of the decline in exports, according to the central bank.

On a year-on-year basis, South Korea’s exports fell by 6.2% to $42.8bn in August, while imports were down by 10.7% to $40.4bn, BOK data showed.

($1 = €0.77)

By: Nurluqman Suratman

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