S.Korea posts current account surplus for 10th month

South Korea recorded a current account surplus for the 10th straight month in November thanks partly to brisk exports, the central bank said Tuesday.

The surplus was $4.28 billion last month, down from a revised $4.76 billion in October, the Bank of Korea said in a statement.

In the first 11 months of this year the accumulated surplus amounted to a record high of $41.2 billion.

The current account, the broadest measure of trade with the world, has remained in surplus since February as imports have fallen faster than exports amid the global downturn. The surplus is likely further to support the won, which has gained about 34 percent against the dollar since hitting an 11-year low in early March.

The goods balance saw a surplus of $5.84 billion in November compared with a 5.68 billion surplus the previous month. Exports rose 18 percent year-on-year to $34.8 billion and imports rose 2.4 percent to 29 billion. A shortfall in the service account, which includes spending by South Koreans on overseas trips, rose to $1.66 billion in November compared to 1.31 billion a month earlier.

SEOUL, AFP