ID :
97231
Tue, 12/29/2009 - 08:09
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https://www.oananews.org//node/97231
The shortlink copeid
S. Korea logs current account surplus for 10th month in Nov.
By Kim Soo-yeon
SEOUL, Dec. 29 (Yonhap) -- South Korea posted a current account surplus for the 10th straight month in November due to robust exports of electronic goods, the central bank said Tuesday.
The current account surplus reached US$4.28 billion last month, down from a
revised $4.76 billion in October, the Bank of Korea (BOK) said in a report. In
the first 11 months of this year, the accumulative surplus amounted to $41.2
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 lend further support to the Korean won which
has gained about 34 percent since hitting an 11-year low in early March on the
back of improving exports and capital inflows by foreign investors.
The goods balance posted a surplus of $5.84 billion in November, compared with a
$5.68 billion surplus the previous month. The country logged a record goods
balance surplus of $6.97 billion in March.
Both overseas shipments and imports recorded an on-year expansion in November.
Exports of goods rose 18 percent on-year to $34.8 billion last month and imports
gained 2.4 percent to $29 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $1.66 billion in November, compared with $1.31 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $390 million last month, down from $559.4 million
in October.
The capital account, covering cross-border investments, posted a net inflow of
$1.54 billion in November, compared with $1.58 billion the previous month.
The BOK said on Dec. 11 that the country is forecast to post a current account
surplus of around $43 billion this year, up from its earlier estimate of $29
billion. Next year, the country is expected to see a smaller surplus of around
$17 billion as imports will rise on the economic recovery.
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, Dec. 29 (Yonhap) -- South Korea posted a current account surplus for the 10th straight month in November due to robust exports of electronic goods, the central bank said Tuesday.
The current account surplus reached US$4.28 billion last month, down from a
revised $4.76 billion in October, the Bank of Korea (BOK) said in a report. In
the first 11 months of this year, the accumulative surplus amounted to $41.2
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 lend further support to the Korean won which
has gained about 34 percent since hitting an 11-year low in early March on the
back of improving exports and capital inflows by foreign investors.
The goods balance posted a surplus of $5.84 billion in November, compared with a
$5.68 billion surplus the previous month. The country logged a record goods
balance surplus of $6.97 billion in March.
Both overseas shipments and imports recorded an on-year expansion in November.
Exports of goods rose 18 percent on-year to $34.8 billion last month and imports
gained 2.4 percent to $29 billion.
A shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $1.66 billion in November, compared with $1.31 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $390 million last month, down from $559.4 million
in October.
The capital account, covering cross-border investments, posted a net inflow of
$1.54 billion in November, compared with $1.58 billion the previous month.
The BOK said on Dec. 11 that the country is forecast to post a current account
surplus of around $43 billion this year, up from its earlier estimate of $29
billion. Next year, the country is expected to see a smaller surplus of around
$17 billion as imports will rise on the economic recovery.
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)
