ID :
37933
Tue, 12/30/2008 - 10:57
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http://m.oananews.org//node/37933
The shortlink copeid
S. Korea logs current account surplus for 2nd month in Nov.
By Kim Soo-yeon
SEOUL, Dec. 30 (Yonhap) -- South Korea posted a current account surplus for the
second straight month in November, but the surplus narrowed as a global economic
slump dented exports, the central bank said Tuesday.
The current account surplus reached US$2.06 billion in November, down from a
revised record $4.75 billion surplus the previous month, the Bank of Korea (BOK)
said in a report. In the first 11 months of this year, the country posted a
current account shortfall of $7.12 billion.
The current account is the broadest measure of trade, service and investment
flows into and out of the country.
The report comes as the South Korean currency rose for the third straight session
with its value declining about 28 percent to the U.S. dollar so far this year.
The current account surplus helps ease downward pressure on the local currency.
The goods balance posted a surplus of $994.6 million in November, down from a
revised $2.63 billion surplus the previous month as exports sharply declined hit
by a global recession while falling oil prices decreased imports.
Customs-cleared exports declined 19 percent year-on-year to $29 billion last
month and imports fell 14.9 percent to $28.9 billion.
The shortfall of the service account, which includes South Korean spending on
overseas trips, widened to $130 million in November, compared with a revised
$54.8 million a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $720.2 million last month, down from $1.41 billion
from a month ago.
The capital account, which tracks cross-border investments, posted a net outflow
of $12.1 billion in November, down from a record net outflow of $24.8 billion a
month earlier.
The central bank said that the country is expected to log a current account
shortfall of $4.5 billion this year, marking the first annual shortfall in 11
years. But next year, the country's current account is expected to swing to the
black of around $22 billion, it added.
sooyeon@yna.co.kr
(END)
SEOUL, Dec. 30 (Yonhap) -- South Korea posted a current account surplus for the
second straight month in November, but the surplus narrowed as a global economic
slump dented exports, the central bank said Tuesday.
The current account surplus reached US$2.06 billion in November, down from a
revised record $4.75 billion surplus the previous month, the Bank of Korea (BOK)
said in a report. In the first 11 months of this year, the country posted a
current account shortfall of $7.12 billion.
The current account is the broadest measure of trade, service and investment
flows into and out of the country.
The report comes as the South Korean currency rose for the third straight session
with its value declining about 28 percent to the U.S. dollar so far this year.
The current account surplus helps ease downward pressure on the local currency.
The goods balance posted a surplus of $994.6 million in November, down from a
revised $2.63 billion surplus the previous month as exports sharply declined hit
by a global recession while falling oil prices decreased imports.
Customs-cleared exports declined 19 percent year-on-year to $29 billion last
month and imports fell 14.9 percent to $28.9 billion.
The shortfall of the service account, which includes South Korean spending on
overseas trips, widened to $130 million in November, compared with a revised
$54.8 million a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $720.2 million last month, down from $1.41 billion
from a month ago.
The capital account, which tracks cross-border investments, posted a net outflow
of $12.1 billion in November, down from a record net outflow of $24.8 billion a
month earlier.
The central bank said that the country is expected to log a current account
shortfall of $4.5 billion this year, marking the first annual shortfall in 11
years. But next year, the country's current account is expected to swing to the
black of around $22 billion, it added.
sooyeon@yna.co.kr
(END)
