ID :
82269
Tue, 09/29/2009 - 13:54
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https://www.oananews.org//node/82269
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S. Korea's current account surplus sharply narrows in Aug.
By Kim Soo-yeon
SEOUL, Sept. 29 (Yonhap) -- South Korea posted a current account surplus for the seventh straight month in August, but the size of the surplus shrank sharply due to a drop in exports, the central bank said Tuesday.
The current account surplus reached US$2.04 billion last month, down from $4.4
billion in July, the Bank of Korea (BOK) said in a report. In the first eight
months of this year, the accumulative surplus amounted to $28.2 billion.
The country's current account, the broadest measure of cross-border trade, has
remained in the black since February as imports have fallen faster than exports
amid the global downturn.
The surplus is widely expected to further strengthen the Korean currency, which
has gained about 31 percent against the U.S. dollar since early March.
The goods balance posted a surplus of $3.46 billion in August, compared with a
revised $6.13 billion surplus for the previous month. The country logged a record
goods balance surplus of $6.98 billion in March.
Overseas shipments declined 17.7 percent on-year to $30.3 billion last month and
imports tumbled 32.3 percent to $26.8 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, narrowed to $1.79 billion in August, compared with $1.89 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $587.4 million last month, up from $481.6 million
in July.
The capital account, covering cross-border investments, posted a net inflow of
$5.06 billion in August, a gain from the $2.38 billion logged the previous month.
The BOK revised up its forecast for the country's current account surplus this
year in early July to around $29 billion in 2009, up from its previous estimate
of $18 billion. The government predicted that the surplus will likely reach
around $25 billion.
Last year, South Korea registered its first annual current account shortfall in
11 years of $6.41 billion as a sharp gain in oil prices raised import bills.
sooyeon@yna.co.kr
(END)
SEOUL, Sept. 29 (Yonhap) -- South Korea posted a current account surplus for the seventh straight month in August, but the size of the surplus shrank sharply due to a drop in exports, the central bank said Tuesday.
The current account surplus reached US$2.04 billion last month, down from $4.4
billion in July, the Bank of Korea (BOK) said in a report. In the first eight
months of this year, the accumulative surplus amounted to $28.2 billion.
The country's current account, the broadest measure of cross-border trade, has
remained in the black since February as imports have fallen faster than exports
amid the global downturn.
The surplus is widely expected to further strengthen the Korean currency, which
has gained about 31 percent against the U.S. dollar since early March.
The goods balance posted a surplus of $3.46 billion in August, compared with a
revised $6.13 billion surplus for the previous month. The country logged a record
goods balance surplus of $6.98 billion in March.
Overseas shipments declined 17.7 percent on-year to $30.3 billion last month and
imports tumbled 32.3 percent to $26.8 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, narrowed to $1.79 billion in August, compared with $1.89 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $587.4 million last month, up from $481.6 million
in July.
The capital account, covering cross-border investments, posted a net inflow of
$5.06 billion in August, a gain from the $2.38 billion logged the previous month.
The BOK revised up its forecast for the country's current account surplus this
year in early July to around $29 billion in 2009, up from its previous estimate
of $18 billion. The government predicted that the surplus will likely reach
around $25 billion.
Last year, South Korea registered its first annual current account shortfall in
11 years of $6.41 billion as a sharp gain in oil prices raised import bills.
sooyeon@yna.co.kr
(END)
