S.Korea’s November travel account deficit doubles vs October
Jin-gyu Kang
Jan 09, 2024 (Gmt+09:00)
South Korea’s travel account deficit doubled to $1.28 billion in November 2023 compared to the previous month, narrowing the current account surplus which maintained its seven-month surplus streak, central bank data showed on Tuesday.
The travel deficit widened from the prior month’s shortfall of $642.1 million due to a surge in the number of outbound travelers, while the number of inbound visitors declined, the Bank of Korea said.
The November figure marked the largest-ever deficit in the travel balance for the same month in previous years, since posting a $1.35 billion loss in 2018.
The increased travel account deficit widened the service account loss to $2.13 billion in November, versus the $1.25 billion deficit the month before.
CURRENT ACCOUNT SURPLUS
The current account surplus narrowed to $4.06 billion in November last year, compared to the $6.80 billion surplus in October.
However, the balance maintained its surplus trend for a seventh straight month, since May of last year.
The balance on primary income was in a $154.6 million loss, weighed down by quarterly dividend payouts.
By contrast, the goods account surplus snowballed to $7.0 billion in November 2023 from the prior month's $5.35 billion thanks to an increase in semiconductor chip shipments and export growth to China.