SEOUL, South Korea logged a current account deficit in April, ending its 11th straight month of surplus due to a decreased trade surplus and dividend payments to overseas investors, central bank data showed Tuesday.

The country’s current account deficit reached US$290 million in April, a turnaround from a surplus of $6.93 billion in March.

In the first four months of the year, the country’s current account surplus reached $16.55 billion, compared with a deficit of $7.33 billion a year earlier.

The central bank said the deficit in April was due to temporary and seasonal factors, expecting the country’s current account balance to return to the black in May.

April’s deficit came as the country’s trade surplus decreased and overseas dividend payments increased.

The country’s goods account racked up a $5.11 billion surplus in April following an $8.09 billion surplus the previous month.

Exports surged 18 percent on-year to reach $58.17 billion in April, while imports gained 9 percent to $53.06 billion, accor
ding to the central bank data.

The primary income account, which tracks the wages of foreign workers, dividend payments to and from overseas and interest income, reported a $3.37 billion deficit in April, following a $1.83 billion surplus in March, the data showed.

The country’s dividend income balance racked up $3.58 billion in deficit in April, the largest since April 2021, when the corresponding figure was $4.48 billion.

The services account deficit narrowed to $1.66 billion in April from a deficit of $2.43 billion the previous month, the data showed.

Source: Yonhap News Agency