KOREAN NET

The Bank of Korea's tentative balance of payments data for October released on Dec. 6 said the current account surplus that month reached USD 9.78 billion. Shown is Busan New Port. (Busan Port Authority)

By Xu Aiying

Brisk exports of semiconductors and cars have helped the economy post a current account surplus for the sixth straight month.

The Bank of Korea on Dec. 6 released preliminary data on October's balance of payments showing that the current account balance that month finished USD 9.78 billion in the black, the sixth consecutive month of surplus and the third-highest figure for October.

The goods balance posted a black figure for the 19th consecutive month at USD 8.12 billion, but this was down from USD 10.49 billion in September due to slower growth in petroleum product exports. Exports grew 4% year on year to USD 60.08 billion.

The service balance finished USD 1.73 billion in the red mainly due to processing and other business services.

By item, semiconductors saw exports grow 39.8%, steel products 6.8% and passenger cars 5.2% on a customs-clearance basis

By region, China took in 10.8% of Korean exports, Southeast Asia 7.7%, the European Union 5.7% and the U.S. 3.4%.

In its economic outlook released last month, the central bank raised its forecast for the current account surplus this year from USD 73 billion to 90 billion.

xuaiy@korea.kr