Korea's central bank has released its preliminary balance of payments data for December.
And while the country's goods account posted a surplus thanks to improving global trade and the boom in semiconductor exports,... the service account deficit hit a record high in 2017.
Our Kim Hyesung has the details.
Korea's service account deficit hit a record high last year.
According to the Bank of Korea on Monday, December's service account deficit was 3.8 billion U.S. dollars, making 2017's total deficit reach a record high of 34.5 billion dollars, double that of 2016.
The bank attributed it to growing deficits in the travel account and transport account.
The number of foreign visitors to Korea dropped by 23 percent on-year, with those from China plunging to nearly half the previous year's levels due to China's travel ban over the THAAD row.
But outbound travelers also hit a record high, growing 18 percent on-year to 26 million people, who spent more than 30 billion dollars abroad.
The transport account deficit more than tripled from 2016, recording a 5.3 billion dollar deficit in 2017.
Due to the high service account deficit, the country's current account surplus narrowed from 2016's 99 billion dollars to 78.5 billion.
But it still recorded a surplus for the 20th consecutive year, and the goods account posted a surplus of near 120 billion dollars, the second largest figure on record, thanks to brisk exports.
In 2017, exports went up 13% on-year, recording more than 577 billion U.S. dollars in 2017, thanks to semiconductor, petrochemical goods and steel exports, with semiconductor exports up 60% on-year.
Imports also went up 16 percent on-year, recording over 457 billion dollars.
Kim Hyesung, Arirang News.
