South Korea current account surplus grows

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Buying RTG will increase Labat's revenue.

Published Oct 29, 2014

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Seoul - South Korea's current account surplus widened to $7.6 billion (R82 billion) in September as exports grew and spending by Korean travellers overseas fell, state data showed Wednesday.

The preliminary figure compared with a revised surplus of $7.2 billion in August, the central Bank of Korea said.

The current account - the broadest measure of foreign trade in goods and services - has been in the black for 31 months in a row.

Exports last month stood at $51 billion, compared to $48.9 billion a month ago and $50.6 a year ago, thanks to increased shipments of memory chips and steel, the BOK said.

Imports rose to $43.3 billion, up from $41.6 billion a month ago and $42 billion a year ago.

The services account, which includes spending on overseas trips, reported a deficit of $280 million, compared to $730 million in August and $200 million a year ago.

The central bank forecasts South Korea - Asia's fourth-largest economy - will post a record current account surplus of $84 billion this year. - Sapa-AFP

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