S.Korea posts current account deficit in August

South Korea posted current account deficit in August due to surging import costs, driven by higher energy prices, central bank data showed Friday.

Current account balance, the broadest measure of cross-border trade, recorded a deficit of 3.05 billion U.S. dollars in August, according to the Bank of Korea (BOK).

It turned red from a surplus of 7.44 billion dollars tallied in August last year, marking the first deficit in four months.

Trade balance for goods logged a deficit of 4.45 billion dollars in August, remaining in red for the second consecutive month. It was compared to a surplus of 6.03 billion dollars in the same month of last year.

Import costs soared in recent months as the prolonged geopolitical risks in Europe propped up energy prices.

Export gained 7.7 percent from a year earlier to 57.28 billion dollars in August, while import spiked 30.9 percent to 61.73 billion dollars.