ID :
102863
Wed, 01/27/2010 - 13:08
Auther :
Shortlink :
https://www.oananews.org//node/102863
The shortlink copeid
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. But last month,
the current account surplus narrowed to $1.52 billion from $4.28 billion the
previous month as imports picked up.
"As imports are expected to increase due to the economic recovery and rising oil
prices, the country's current account surplus is forecast to sharply fall this
year," Lee Young-bog, head of the BOK's balance of payments statistics team, told
a press conference.
Lee said the current account surplus will markedly fall for January as oil
imports are rising and more people take overseas trips during the winter
vacation.
"In the first quarter, there is a slim chance that the current account will move
into a shortfall," he added.
In 2008, South Korea registered its first annual current account shortfall in 11
years as a sharp gain in oil prices raised import bills. But as the global
economic downturn pulled down oil prices and the won's weakness to the dollar
helped improve exports, the country's current account swung to the black last
year.
"Since April, foreign capital inflows have sharply increased as the Korean
economy is recovering at a faster-than-expected pace," Lee said.
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 posted a surplus of $56.1 billion in 2009, compared
with a $5.67 billion surplus the previous year. The goods balance for 2009 also
registered a record surplus.
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 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.
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. But last month,
the current account surplus narrowed to $1.52 billion from $4.28 billion the
previous month as imports picked up.
"As imports are expected to increase due to the economic recovery and rising oil
prices, the country's current account surplus is forecast to sharply fall this
year," Lee Young-bog, head of the BOK's balance of payments statistics team, told
a press conference.
Lee said the current account surplus will markedly fall for January as oil
imports are rising and more people take overseas trips during the winter
vacation.
"In the first quarter, there is a slim chance that the current account will move
into a shortfall," he added.
In 2008, South Korea registered its first annual current account shortfall in 11
years as a sharp gain in oil prices raised import bills. But as the global
economic downturn pulled down oil prices and the won's weakness to the dollar
helped improve exports, the country's current account swung to the black last
year.
"Since April, foreign capital inflows have sharply increased as the Korean
economy is recovering at a faster-than-expected pace," Lee said.
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 posted a surplus of $56.1 billion in 2009, compared
with a $5.67 billion surplus the previous year. The goods balance for 2009 also
registered a record surplus.
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 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.
sooyeon@yna.co.kr
(END)
