S. Korea logs current account surplus for 11th month in March

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SEOUL, May 9 (Xinhua) -- South Korea logged current account surplus for the 11th consecutive month due to continued export growth, central bank data showed Thursday.

Current account balance, the broadest measure of cross-border trade, recorded a surplus of 6.93 billion U.S. dollars in March, staying in black since May 2023, according to the Bank of Korea.

Trade surplus for goods stood at 8.09 billion dollars in March, hovering in black since April 2023.

Export expanded 3.0 percent from a year earlier to 58.27 billion dollars in March, while import dwindled 13.1 percent to 50.18 billion dollars.

The outbound shipment kept an upward trend for the sixth straight month on the back of solid demand for locally-made semiconductors.

Service account deficit came to 2.43 billion dollars in March, up from a deficit of 1.77 billion dollars in the previous month.

Primary income account, which includes monthly salary and investment income, registered a surplus of 1.83 billion dollars on higher overseas dividend income.

Financial account, which measures cross-border capital flow without transactions in goods and services, recorded a net outflow of 11.06 billion dollars in the cited month.

Overseas direct investment by domestic residents climbed by 2.83 billion dollars, while foreign direct investment in South Korea increased by 1.61 billion dollars.

For the portfolio investment, which includes stock and bond trading, overseas investment by local residents gained by 8.88 billion dollars, but foreign investment in local stocks and bonds reduced by 840 million dollars. Enditem

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