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S. Korea Current Account Surplus Grows to $8.72 Billion in October

Written: 2016-12-01 10:28:48Updated: 2016-12-01 10:36:06

S. Korea Current Account Surplus Grows to $8.72 Billion in October

South Korea's current account surplus expanded slightly in October from the previous month.
 
According to preliminary data announced by the Bank of Korea on Thursday, the current account surplus was eight-point-72 billion dollars in October.
 
It marked a record 56 consecutive months of current account surplus since March 2013.
 
The goods account surplus, however, narrowed 830 million dollars on-month to nine-point-83 billion dollars. Exports slumped in October due to weak overseas demand, walkouts in the auto industry, a typhoon and the production halt of Samsung Electronics' Galaxy Note 7 smartphones.
 
The service account deficit was tallied at one-point-59 billion dollars. The deficit narrowed by around one billion dollars from the previous month when it had grown to the largest amount in almost six years. The transportation account posted a surplus of 150 million dollars, improving slightly from a deficit in September due to the bankruptcy of Hanjin Shipping. 

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