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current account in August turned to a deficit again after four months.
This is the result of a sharp increase in energy imports and at the same time a slowdown in exports of Korea's major products.
Reporter Kim Bum-joo reports.
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The Bank of Korea announced that the current account recorded a deficit of $3.05 billion in August.
This is a decrease of $10.49 billion from a surplus of $7.44 billion in August last year.
As a result, the current account recorded a deficit again for the first time in four months since April.
In April, companies increased the deficit by paying dividends to foreign investors, but in August, energy imports increased and exports of major products stagnated.
Exports increased by 7.7% from a year ago, as imports increased by 30.9%, four times that level.
In particular, coal, gas, and crude oil increased by 132%, 117%, and 73%, respectively, raising total imports.
As for exports, petroleum products increased by more than 110%, but electricity and electronics, which account for the largest portion, decreased by 6.4%, mainly in semiconductors, and by region, exports to China decreased by more than 5%.
The balance of services, including travel and intellectual property rights, also turned negative.
Large corporations paid more for patents abroad, resulting in a $1.2 billion deficit in intellectual property royalties.
In addition, as overseas travel increased again, the travel account recorded a deficit of 970 million dollars.
The Bank of Korea analyzed that the current account is highly likely to turn into a surplus as the trade deficit narrowed by more than $5 billion in September.
This is the result of a decrease in crude oil imports as international oil prices fell in September compared to August.