Current Account Surplus Shrinks in March amid Soaring Energy Costs

South Korea posted a current account surplus in March, but the surfeit declined as imports increased amid the soaring prices of oil and raw materials.

According to tentative data from the Bank of Korea(BOK) on Tuesday, the country's current account surplus came to six-point-73 billion U.S. dollars in March, down from seven-point-five billion dollars the previous year.

It is the 23rd straight month that South Korea logged a surplus since May 2020 but the amount shrank by 770 million dollars from a year ago.

For the first quarter, the surplus came to 15-point-06 billion dollars, down from 22-point-34 billion dollars posted the previous year.

The goods account surplus slipped to five-point-31 billion dollars in March, down two-point-54 billion dollars from a year earlier.

Exports rose by 18-point-two percent on-year to 68-point-48 billion dollars, while imports jumped 27-point-nine percent to 63-point-six billion dollars amid the rising costs of crude oil and raw materials.

The service sector logged a surplus of 360 million dollars in March, turning around from a deficit of one-point-one billion dollars from a year ago.

Source: KBS World Radio

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