S. Korea's current account returns to black in May

▲ Containers are stacked at a pier in South Korea's largest port city of Busan on July 2, 2023. (Yonhap)

current account-May

S. Korea's current account returns to black in May

SEOUL, July 7 (Yonhap) -- South Korea's current account returned to the black in May on the back of a trade surplus and increased dividend payments from overseas, central bank data showed Friday.

The country's current account surplus reached US$1.93 billion in May, swinging from a deficit of $790 million a month earlier, according to the preliminary data from the Bank of Korea (BOK).

May's surplus came as the country logged a trade surplus and the service account deficit narrowed.

The primary income account, which tracks wages of foreign workers and dividend payments from overseas, also reported a surplus, the data showed.

The country posted a goods account surplus of $1.82 billion in May following a surplus of $580 million in April, the data showed.

In January, the country suffered a record deficit of $4.21 billion amid an extended decline in outbound shipments.

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