Korean current account surplus hits record high
Korean current account surplus hits record high

South Korea's current account surplus rose to a new record in July as falling world oil prices pushed down the value of imports, the central bank says.

The surplus in the account, the broadest measure of trade, was $US6.10 billion ($A5.91 billion) last month. The previous monthly record, a revised $US5.88 billion ($A5.69 billion), was set in June this year.

The goods account showed a surplus of $US5.32 billion ($A5.15 billion) in July, up from June's revised $US5.05 billion ($A4.89 billion).

Exports and imports declined in July compared to a year earlier and also compared to the previous month. Overseas shipments fell 4.1 per cent year-on-year to $US46.58 billion ($A45.10 billion) and imports dropped 5.8 per cent to $US41.27 billion ($A39.96 billion).

The service account, which includes spending by South Koreans on overseas trips, saw a surplus of $US579.2 million ($A560.75 million) last month compared to $US170.1 million ($A164.68 million) in June.

The primary income account, which records wages for foreign workers and dividend payments overseas, had a surplus of $US401.9 million ($A389.10 million) in July, down from $US901.8 million ($A873.08 million) in June.

The West Australian

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