Korea's central bank has released its preliminary balance of payments data for December.<br />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.<br />Our Kim Hyesung has the details. <br /><br /> <br /> Korea's service account deficit hit a record high last year.<br />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. <br />The bank attributed it to growing deficits in the travel account and transport account.<br /> 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.<br />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. <br />The transport account deficit more than tripled from 2016, recording a 5.3 billion dollar deficit in 2017.<br />Due to the high service account deficit, the country's current account surplus narrowed from 2016's 99 billion dollars to 78.5 billion.<br /> 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.<br />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. <br /> Imports also went up 16 percent on-year, recording over 457 billion dollars.<br />Kim Hyesung, Arirang News. <br />
