UPDATE 1-S.Korea May s/adj current account at record high

Wed Jun 26, 2013 7:44pm EDT

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* Exports rise, May current account hits record

* Financial account posts record outflow

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SEOUL, June 27 (Reuters) - South Korea's current account in May rose to a record high as exports swelled and imports shrank on a monthly basis, central bank data showed on Thursday, reflecting depressed domestic demand.

The seasonally adjusted current account surplus rose to a record $7.82 billion in May compared to a revised $4.76 billion surplus in April, the Bank of Korea data showed.

Exports grew by 4.7 percent in May to $49.59 billion on the back of telecommunication goods, semiconductors and cars while imports tumbled 5.0 percent to $39.91 billion, producing a goods account surplus of a record $7.43 billion.

Imports of raw materials led the decline as domestic demand has yet to pick up in South Korea, a key concern for policymakers at home.

South Korea saw a record net outflow of $11.58 billion in the financial account in May without seasonal adjustments as global markets roiled.

Offshore borrowings fell by $5.16 billion in May as stimulus policies from Japan and the U.S. rattled investors last month.

Without adjustment for seasonal patterns, South Korea's current account surplus in May also set a record high of $8.64 billion. (Reporting by Christine Kim; Editing by Eric Meijer)

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