NEWS BRIEF

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South Korea’s current account surplus last year rose about 26% from 2019 as a drop in imports and overseas travel was larger than the decrease in exports. According to tentative data released by the central bank on Friday, current account surplus gained 15.6 billion dollars to post some 75.3 billion in 2020. Annual exports fell 7.2% to 516 billion dollars while imports were down 8.8% to record 434 billion dollars, thereby resulting in a surplus.
Exports of South Korean sauces such as the chili paste Gochujang reached an all-time high last year. According to the Korea International Trade Association (KITA), outbound shipments of sauces jumped 25.8% last year to 301.7 million dollars. KITA attributes the rise to the pandemic as more people ate at home as well as increased global recognition of Korean cuisine fueled by the Hallyu or Korean Wave phenomenon. Exports of Korean sauces have been steadily rising since 2016 posting 8 to 11 percent growth each year.