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Financial News: South Korea Current Account Surplus $5.94 Billion In

South Korea Current Account Surplus $5.94 Billion In May

07/04/2017 - 19:46:00 (RTTNews)

(RTTNews) - South Korea posted a current account surplus of $5.94 billion in May, the Bank of Korea said on Wednesday.

That followed the downwardly revised $3.89 billion surplus in April (originally $4 billion).

The goods account surplus narrowed to $8.83 billion, compared to $10.86 billion a year earlier.

In the services account, despite a shift from deficit to surplus in the use of intellectual property account, the deficit was $1.69 billion - an increase from $1.07 billion a year earlier, owing to a deterioration in the travel account.

The primary income account reversed from a $0.86 billion surplus in May of last year to a deficit of $0.69 billion, in line with an increase in the payments on equity account.

The secondary income account showed a $0.52 billion deficit.

The financial account saw an overall $2.58 billion expansion in net assets in May.

Direct investment assets climbed $1.69 billion, while direct investment liabilities added $1.02 billion.

There was a $9.15 billion rise in portfolio investment assets during the month, and a $3.62 billion increase in portfolio investment liabilities.

Financial derivatives posted a net contraction of $0.41 billion.

Looking at other investment, there was a fall of $4.22 billion in assets and a decline of $0.94 billion in liabilities.

Reserve assets increased $0.08 billion.

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