SEOUL, Feb. 6 (Xinhua) -- South Korea's current account surplus hit the lowest in seven years last year on an export slump, caused by the global trade spat and the global chip industry's downturn, central bank data showed Thursday.
Current account surplus amounted to 59.97 billion U.S. dollars in 2019, down from a surplus of 77.47 billion dollars in the previous year, according to the Bank of Korea (BOK).
The current account balance, the broadest measure of cross-border trade, stayed in the black for 22 straight years since 1998, but it was the lowest in seven years since 2012.
The lower surplus was attributed to a double-digit fall in export, which accounts for about half of the export-driven economy.
Export for goods declined 10.3 percent over the year to 561.96 billion dollars in 2019, while goods import diminished 6.0 percent to 485.1 billion dollars.
Trade surplus for goods was 76.86 billion dollars last year, down 33.23 billion dollars from the previous year.
The export reduction came amid the global trade dispute and the global semiconductor industry's downturn.
Services account balance, which measures the flow of travel, transport costs and royalties, logged a deficit of 23.02 billion dollars in 2019, down from a deficit of 29.37 billion dollars in the prior year.
