South Korea's current account shortfall sharply narrowed to 1.22 billion U.S. dollars in September after hitting a record high of 4.7 billion U.S. dollar in the previous, the South Korean central bank said Thursday.
According to the Bank of Korea (BOK), the fall was mainly due to decline of oil prices while the country's exports remained bullish.
Adding September's figure, South Korea posted a cumulative deficit of 13.8 billion U.S. dollars in the first nine month of the year, the central bank said, adding that the country logged a surplus of 2.8 billion U.S. dollars last year.
The goods balance posted a deficit of 760 million U.S. dollars in September, down from a deficit of 2.82 billion U.S. dollars in August, the BOK said.
The service account shortfall narrowed to 1.24 billion U.S. dollars from 2 billion U.S. dollars as South Korean spent less on overseas trips, it said.
Meanwhile, the capital account recorded a surplus of 4.78 billion U.S. dollars in September, after a net outflow of 5.32 billion U.S. dollars in August as foreign investors eased their selling of South Korean stocks, it added.
Source: Xinhua
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