South Korea posts current account deficit in April, first gap in seven years

 South Korea posts current account deficit in April, first gap in seven years

SEOUL (Reuters) - South Korea posted on Wednesday its first current account deficit in seven years in April on a surge in stock dividend payments amid falling exports, but the balance stayed in the black after adjustment for seasonal factors.

South Korea's current account balance turned to a small deficit of $0.66 billion in April from a revised surplus of $4.82 billion in March, marking the first shortfall since April 2012, central bank data showed.

Dividends paid to foreigners rose to $6.78 billion in April from $2.62 billion in March as most companies pay yearly dividends in April. Trade surplus shrank to $5.67 billion in April from $8.47 billion in March on slowing exports.

Still, the current account posted a big surplus of $3.36 billion in April on a seasonally adjusted basis, extending its run of surplus into the 85th month, although narrowing from a revised $4.33 billion surplus in March, the data showed.

(Reporting by Joori Roh; Editing by Choonsik Yoo and Grant McCool)

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Updated Date: Jun 05, 2019 05:06:37 IST