The current account in July finished in the black for the 27th consecutive month led by strong exports of cars and semiconductors. Shown are stacked containers on Aug. 7 at Pyeongtaek Port in Pyeongtaek, Gyeonggi-do Province. (Yonhap News)

By Kim Seon Ah

The current account in July posted its 27th consecutive month of surplus led by strong exports of cars and semiconductors.

The Bank of Korea on Sept. 4 released tentative data on balance of payments for July saying the black figure reached USD 10.78 billion (KRW 15 trillion), down from USD 14.27 billion from June but a record high for the month.

The goods balance finished with a surplus of USD 10.27 billion, up from USD 8.52 billion year on year.

Exports rose 2.3% to USD 59.78 billion.

By item, major risers included semiconductors (30.6%) and passenger vehicles (6.3%), while declines were seen by computer accessories (17%) and pharmaceuticals (11.4%).

Exports to Southeast Asia saw growth of 17.2%, the European Union 8.7% and the U.S. 1.5%, but shipments to China fell 3% and those to Japan dropped 4.7%.

Imports dipped 0.9% to USD 49.51 billion.

The service deficit of USD 2.14 billion was down from USD 2.53 billion in June and USD 2.39 billion in July last year.

The primary income balance reached USD 2.95 billion, down from USD 4.16 billion in June due to lower dividend income.

Net financial assets in July rose by USD 11.08 billion.

sofiakim218@korea.kr