South Korea's October current account surplus at record $9.51B

Nov. 27, 2013 at 10:51 PM   |   0 comments

SEOUL, Nov. 27 (UPI) -- South Korea posted a record current account surplus of $9.51 billion in October on surging exports, its central bank reported Thursday.

The Bank of Korea said the October surplus, credited largely to higher exports of cars and tech products, was sharply higher than the revised $6.54 billion surplus in September.

The current account is the broadest measure of a country's trade with other nations. A surplus is reported when receipts from exports and financial transfers exceed money spent on imports of goods and services and money transfers. South Korea is Asia's fourth-largest economy, after China, Japan and India.

In the first 10 months of this year ended October, South Korea's surplus has totaled $58.26 billion.

"It will be possible for the country to meet a yearly estimate of the surplus," Jung Joon, director of the BOK's monetary and financial statistics division, told a news conference, Yonhap News reported. The estimate for the whole year is $63 billion.

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