ID :
102808
Wed, 01/27/2010 - 07:48
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https://www.oananews.org//node/102808
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S. Korea logs record current account surplus in 2009
By Kim Soo-yeon
SEOUL, Jan. 27 (Yonhap) -- South Korea posted its largest-ever current account surplus in 2009 as imports fell faster than exports amid the global economic downturn, the central bank said Wednesday.
The current account surplus reached US$42.67 billion last year, a turnaround from
a shortfall of $5.78 billion in 2008, according to the Bank of Korea (BOK).
The country's current account, the broadest measure of cross-border trade,
remained in the black for the 11th straight month in December mainly because
exports were brisk amid signs of an economic recovery.
But in December, the current account surplus narrowed to $1.52 billion from $4.28
billion the previous month as imports picked up.
The surplus is widely expected to lend further support to the Korean won, which
rose 8.16 percent against the U.S. dollar last year on improving exports and
capital inflows by foreign investors.
South Korea's goods balance also posted a surplus of $56.1 billion in 2009,
compared with a $5.67 billion surplus the previous year.
Exports of goods fell 13.7 percent on-year to $373.6 billion in 2009 and imports
declined 25.7 percent to $317.5 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $17.2 billion last year, compared with $16.7 billion a
year ago.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $4.55 billion in 2009, down from $5.9 billion in
2008.
The capital account, covering cross-border investments, posted a net inflow of
$26.5 billion in 2009 -- the largest ever -- a turnaround from a net outflow of
$50.1 billion the previous year. A record net inflow came as foreign investors
snapped up Korean stocks and bonds last year.
The BOK said that the country is expected to see a smaller surplus of around $17
billion this year as imports rise on the economic recovery.
In 2008, South Korea registered its first annual current account shortfall in 11
years as a sharp gain in oil prices raised import bills.
sooyeon@yna.co.kr
(END)
SEOUL, Jan. 27 (Yonhap) -- South Korea posted its largest-ever current account surplus in 2009 as imports fell faster than exports amid the global economic downturn, the central bank said Wednesday.
The current account surplus reached US$42.67 billion last year, a turnaround from
a shortfall of $5.78 billion in 2008, according to the Bank of Korea (BOK).
The country's current account, the broadest measure of cross-border trade,
remained in the black for the 11th straight month in December mainly because
exports were brisk amid signs of an economic recovery.
But in December, the current account surplus narrowed to $1.52 billion from $4.28
billion the previous month as imports picked up.
The surplus is widely expected to lend further support to the Korean won, which
rose 8.16 percent against the U.S. dollar last year on improving exports and
capital inflows by foreign investors.
South Korea's goods balance also posted a surplus of $56.1 billion in 2009,
compared with a $5.67 billion surplus the previous year.
Exports of goods fell 13.7 percent on-year to $373.6 billion in 2009 and imports
declined 25.7 percent to $317.5 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $17.2 billion last year, compared with $16.7 billion a
year ago.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $4.55 billion in 2009, down from $5.9 billion in
2008.
The capital account, covering cross-border investments, posted a net inflow of
$26.5 billion in 2009 -- the largest ever -- a turnaround from a net outflow of
$50.1 billion the previous year. A record net inflow came as foreign investors
snapped up Korean stocks and bonds last year.
The BOK said that the country is expected to see a smaller surplus of around $17
billion this year as imports rise on the economic recovery.
In 2008, South Korea registered its first annual current account shortfall in 11
years as a sharp gain in oil prices raised import bills.
sooyeon@yna.co.kr
(END)
