SEOUL, KOREA - Korea's current account balance in March has recorded a surplus in 14 consecutive months. According to a report "March 2013 International Balance of Payments (Preliminary)" published by the Bank of Korea on April 29, the March current account balance was US$4,980 million, the highest level since November last year when the surplus was $6,910 million.

 

The $47.99-billion exports in March stopped short of rising 1.3 percent from the same month last year. But the surplus balance was enlarged by a 1.5-percent lower imports of $43.78 billion.

 

By export item, information technology devices (12.0%) and petrochemical products (8.9%) led the increase while automobiles (-10.5%) and ships (-14.4%) showed a declining trend.

 

As for service balance of payments, it turned to a surplus of $910 million in March from a deficit of $460 million in the previous month. It was largely due to a smaller deficit in the tourism balance of payments to $430 million from $620 million and a bigger surplus in the transportation balance of payments to $900 million from $600 million in February.