The West

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

Latest News From The West

The brother of shark attack victim Ben Gerring has demanded both sides of WA politics do more to protect people from sharks, saying the WA lifestyle is being lost because of the shark threat.

A Woodside Energy employee was sacked after being accused of leaking sensitive information on projects valued at billions of dollars to Chinese customers.

Popular videos