Daily Times

South Korea logged current account deficit in April due to a dividend payment to foreign investors and a travel account deficit, central bank data showed on Thursday.

Current account balance, the broadest measure of cross-border trade, posted a deficit of 790 million U.S. dollars in April, after recording a surplus of 160 million dollars in March and deficits of 4.21 billion dollars in January and 520 million dollars in February each, according to the Bank of Korea (BOK). Trade surplus for goods came to 580 million dollars in April, turning into black in seven months since last September.

Export declined 16.8 percent from a year earlier to 49.11 billion dollars in April, while import dwindled 13.2 percent to 48.53 billion dollars. Services account deficit stood at 1.21 billion dollars in April, down from a deficit of 1.9 billion dollars in the previous month. Travel account balance continued to record deficit as more South Koreans went on overseas trips amid moderated concerns about the COVID-19 pandemic. Primary income account, which includes monthly salary and investment income, logged 90 million dollars in deficit on the back of the dividend payment to foreign investors.