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Financial News: South Korea Current Account Deficit $3.12 Billion In

South Korea Current Account Deficit $3.12 Billion In April

06/03/2020 - 19:45:00 (RTTNews)

(RTTNews) - South Korea posted a current account deficit of $3.12 billion in April, the Bank of Korea said on Thursday.

That follows the downwardly revised surplus of $5.95 billion in March (originally $6.23 billion).

The goods account surplus narrowed to $0.82 billion, compared to $5.61 billion in April.

The services account deficit increased to $1.42 billion, from $1.27 billion in April 2019, owing to a deterioration in the use of the intellectual property account.

The primary income account deficit narrowed to $2.29 billion in April from $4.18 billion a year earlier, in line with a decrease in the payment of dividends.

The secondary income account recorded a $0.25 billion deficit.

In the financial account, net assets fell $6.32 billion during April. Direct investment assets added $0.66 billion, and direct investment liabilities increased by $0.55 billion.

There was a $7.18 billion increase in portfolio investment assets during the month, and a $3.07 billion increase in portfolio investment liabilities.

Financial derivatives posted a net increase of $1.85 billion.

In terms of other investments, there was a decrease of $0.64 billion in assets and an increase of $16.77 billion in liabilities.

Reserve assets increased by $5.02 billion.

Through the first four months of 2020, South Korea has a current account surplus of $10.21 billion.

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