South Korea's current account bounced back from a deficit the previous month to a surplus in May despite the COVID-19 outbreak.
The Bank of Korea said Tuesday that the current account surplus was almost two.three billion U.S. dollars.
That's a rebound from the deficit in April at the height of the global lockdown, but on year, the surplus was half of what it was.
The goods account surplus was two.five billion dollars, down three billion dollars on-year.
Exports were down over 28 percent, falling for the third consecutive month.
Exports of petroleum products and automobiles plummeted in May, while those of ships and semiconductors increased.
Exports to most countries decreased, including shipments to the U.S. and Europe.
"South Korea's current account largely depends on the goods account. The pandemic continues, oil prices remain low and the U.S-China trade conflict is being highlighted again. Still, there's hope that exports to China could start to pick up in June."
The services account deficit decreased to 480 million dollars, thanks to improvements in travel and transport.
The central bank said airlines' passenger revenues declined, but revenues from freight services increased.
The travel account deficit has also narrowed to 160 million dollars.
The primary income surplus decreased to 540 million dollars, mainly due to lower dividend income.
As for the financial account, in May South Korea saw net assets increase by some 3.2 billion dollars.
Yoon Jung-min, Arirang News.