The Bank of Korea on Oct. 8 announced a current account surplus in August of USD 6.6 billion. Shown is the bunkering and unloading of methanol at the Port of Busan New Port. (Busan Port Authority)

By Charles Audouin

Releasing tentative data on the country's international balance of payments, the Bank of Korea on Oct. 8 said the current account in August finished USD 6.59 billion in the black.

The surplus was led by exports, which in August rose 7.1% year on year to USD 57.45 billion. Their growth was led by ships (83.6%), information and communication devices (44%) and semiconductors (38.3%).

By region, Central and South America posted the highest rise in Korean imports with 29.1%, followed by the European Union (16.1%), Southeast Asia (15.3%) and the U.S. (11.1%).

Imports rose 4.9% to USD 50.86 billion, with a large portion comprising raw materials such as crude oil and manufacturing equipment and capital goods.

The cumulative current account from January to August finished USD 53.6 billion in the black, a huge leap from USD 10.67 billion from the same period last year.

The primary income account saw net financial assets (assets minus liabilities) rise USD 4.93 billion. Direct investment saw outward investment by Korean nationals jump USD 4.46 billion and domestic investment by foreign nationals grow USD 1.21 billion.

caudouin@korea.kr