South Korea’s current account surplus rose to a new record in July as falling world oil prices pushed down the value of imports, the central bank said Wednesday.
The surplus in the account, the broadest measure of trade, was $6.10 billion last month. The previous monthly record, a revised $5.88 billion, was set in June this year.
The goods account showed a surplus of $5.32 billion in July, up from June’s revised $5.05 billion.
Exports and imports declined in July compared to a year earlier and also compared to the previous month. Overseas shipments fell 4.1 percent year-on-year to $46.58 billion and imports dropped 5.8 percent to $41.27 billion.
The service account, which includes spending by South Koreans on overseas trips, saw a surplus of $579.2 million last month compared to $170.1 million in June.
The primary income account, which records wages for foreign workers and dividend payments overseas, had a surplus of $401.9 million in July, down from $901.8 million in June.