August 28, 2012 / 11:03 PM / 7 years ago

S.Korea July current account surplus at over 14-yr high

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SEOUL, Aug 29 (Reuters) - South Korea’s seasonally adjusted current account surplus hit the highest in more than 14 years in July mostly due to falling imports amid the sluggish local economy, central bank data showed on Wednesday.

Asia’s fourth-largest economy posted a $4.38 billion current account surplus in July on a seasonally adjusted basis, the biggest since February 1998 and up from a revised surplus of $3.73 billion in June, the Bank of Korea data showed.

Exports on a seasonally adjusted basis rose 1.1 percent in July from the previous month, reversing from declines for the preceding two months, whereas imports fell for a third consecutive month by 1.5 percent, the data showed.

Without adjustment for seasonal patterns, the country’s current account surplus in July hit a record high of $6.10 billion, rising from a $5.88 billion surplus in June.

In the financial account, the country posted a net outflow of $7.94 billion in July without adjustment for seasonal patterns, compared to a revised $5.27 billion outflow in June. (Reporting by Christine Kim; Editing by Choonsik Yoo)

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