According to data released by South Korea’s central bank today, Friday, the nation had a current account deficit in August for the first time in four months as a result of slower-than-expected export growth and rising import costs due to rising prices for crude oil and other raw commodities.
According to preliminary data from the Bank of Korea, the nation’s current account deficit reached $3. 05 billion in August of last year, a dramatic decline from a surplus of $790 million registered in July.
The nation’s current account deficit was recorded for the first time in four months.
According to a report released on Friday by the South Korean Yonhap News Agency, the previous record deficit of $79, 3 million occurred in April of last year.
According to the figures, the nation had a cumulative surplus of $22. 52 billion from January through August of this year, which is less than half of the surplus of $56. 9 billion from the same period last year.
The country’s exports declined in August amid worries about a global recession and rising import costs as a result of higher energy and commodity prices.
On a foundation of customs clearance, the value of exports increased by 6.6% in August compared to the same month last year, but the growth was less rapid than the annual increase in July, which came to 8.7%.
According to the report, shipments to China decreased 5.4% year over year in August.
Imports grew by 28.
August had a 2. percent year-over-year increase to $66. 15 billion, picking up speed from July’s 7.1% gain.
For the first time in four months, South Korea’s current account is in deficit.
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