South Korea's current account surplus narrowed to USD 2.29 billion in May 2020 from USD 5.18 billion in the same month of the previous year. The goods account surplus narrowed sharply to USD 2.50 billion from USD 5.50 billion a year ago as exports declined to USD 34.55 billion from USD 48.10 billion and imports fell to USD 32.05 billion from USD 42.60 billion. In contrast, the services shortfall declined to USD 0.48 billion from USD 0.95 billion in May 2019. Meanwhile, the primary income surplus narrowed to USD 0.54 billion from USD 1.29 billion, whereas the secondary income gap declined to USD 0.27 billion from USD 0.67 billion. During the first five months of 2020, the country's current account surplus went down to USD 12.29 billion from USD 16.97 in the corresponding period of 2019.
Current Account in South Korea averaged 1643.99 USD Million from 1900 until 2020, reaching an all time high of 12409.70 USD Million in June of 2016 and a record low of -3845 USD Million in August of 2008. This page provides the latest reported value for - South Korea Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Current Account - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: The Bank of Korea
Current Account in South Korea is expected to be 5500.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in South Korea to stand at 4500.00 in 12 months time. In the long-term, the South Korea Current Account is projected to trend around 4100.00 USD Million in 2021, according to our econometric models.