Korea reports biggest current account surplus in 7 years in June

SEOUL: The Republic of Korea's current account surplus reached US$12.2 billion, its largest current account surplus in about seven years in June, driven by robust exports led by semiconductors, Yonhap News Agency reported, citing central bank data on Wednesday. According to the Bank of Korea, the June surplus is the largest since September 2017, when it was $12.3 billion. Korea's exports gained 8.7 percent on-year to reach $58.8 billion in June, with semiconductor exports jumping 50.4 percent. Communication devices and petroleum products also rose by 26 percent and 8.5 percent, respectively. The services account deficit expanded to $1.6 billion in June, compared with $1.29 billion in May, the data showed. Source: Emirates News Agency