South Korea has renewed an all-time high record of current account surplus.
According to preliminary data announced by the Bank of Korea(BOK) on Monday, the nation’s current account surplus stood at 12-point-17 billion dollars in June.
It is the country’s largest-ever monthly current account surplus since the central bank began compiling data in 1980. The previous record was eleven-point-87 billion dollars set in June last year.
Exports declined by seven-point-four percent from last June to 45-point-25 billion dollars, but imports further slid by 10-point-one percent to 32-point-43 billion dollars.
It marks the 52nd consecutive month South Korea’s current account posted a surplus.
The central bank attributes the fall in imports to falling international oil prices.
Product’s account posted 12-point-82 billion dollar in surplus, while the service account extended its deficit to one-point-38 billion dollars from one-point-14 billion dollars in May due in part to the increase in travel’s account, which posted 740 million dollars.
Not everyone welcomes the continuation of South Korea’s current account surplus with some calling it a recession-type surplus. In a report last month, the International Monetary Fund(IMF) pointed out that South Korea’s current account surplus is excessive.