South Korea reverted to a current account surplus last May; On the back of trade surplus and increased dividend payments from abroad, the South Korean Central Bank announced.
According to the Korean news agency Yonhap, the May surplus came as the country recorded a trade surplus and a shrinking service account deficit, and the initial income account, which tracks foreign workers’ wages and dividends from abroad, also recorded a surplus.
The country recorded a $1.82 billion merchandise account surplus in May, after a $580 million surplus in April.
In January, the country suffered a record $4.21 billion deficit, amid an extended drop in shipments.
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