South Korea posts record current account surplus in 2013

29 January 2014 07:49 Source:ICIS News

SINGAPORE (ICIS)--South Korea’s current account surplus surged by 47.3% year on year to a record $70.7bn in 2013 on the back of higher exports, official data showed on Wednesday.

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

Overall exports rose by 2.1% year on year to $559.6bn in 2013, while imports shrank by 0.8% to $515bn, according to preliminary data by the Bank of Korea.

The last current account deficit in South Korea was recorded in January 2012.

By Nurluqman Suratman