ID :
77369
Fri, 08/28/2009 - 14:30
Auther :
Shortlink :
https://oananews.org//node/77369
The shortlink copeid
S. Korea logs current account surplus for 6th month in July
By Kim Soo-yeon
SEOUL, Aug. 28 (Yonhap) -- South Korea posted a current account surplus for the
sixth straight month in July, but the surplus narrowed on increased spending on
overseas travel, the central bank said Friday.
The current account surplus reached US$4.4 billion last month, down from $5.43
billion in June, the Bank of Korea (BOK) said in a report. In June, the country
logged the second-largest current account surplus on a pickup in exports.
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 26 percent against the U.S. dollar since early March.
The goods balance posted a surplus of $6.17 billion in July, compared with a
$6.61 billion surplus the previous month. The country logged a record goods
balance surplus of $6.98 billion in March.
Overseas shipments declined 20.5 percent on-year to $33.6 billion last month and
imports tumbled 34.8 percent to $27.4 billion.
The shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $1.89 billion last month, compared with $1.45 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $481.6 million last month, down from $678 million a
month earlier.
The capital account, that tracks cross-border investments, posted a net inflow of
$2.38 billion in July, compared with a net outflow of $290.5 million a month
earlier.
The central bank revised up its forecast for the country's current account
surplus this year in early July. It said Korea is forecast to post a current
account surplus of 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 soaring oil prices raised import bills.
sooyeon@yna.co.kr
(END)
SEOUL, Aug. 28 (Yonhap) -- South Korea posted a current account surplus for the
sixth straight month in July, but the surplus narrowed on increased spending on
overseas travel, the central bank said Friday.
The current account surplus reached US$4.4 billion last month, down from $5.43
billion in June, the Bank of Korea (BOK) said in a report. In June, the country
logged the second-largest current account surplus on a pickup in exports.
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 26 percent against the U.S. dollar since early March.
The goods balance posted a surplus of $6.17 billion in July, compared with a
$6.61 billion surplus the previous month. The country logged a record goods
balance surplus of $6.98 billion in March.
Overseas shipments declined 20.5 percent on-year to $33.6 billion last month and
imports tumbled 34.8 percent to $27.4 billion.
The shortfall in the service account, which includes outlays by South Koreans on
overseas trips, widened to $1.89 billion last month, compared with $1.45 billion
a month earlier.
The income account, which tracks wages for foreign workers and dividend payments
overseas, logged a surplus of $481.6 million last month, down from $678 million a
month earlier.
The capital account, that tracks cross-border investments, posted a net inflow of
$2.38 billion in July, compared with a net outflow of $290.5 million a month
earlier.
The central bank revised up its forecast for the country's current account
surplus this year in early July. It said Korea is forecast to post a current
account surplus of 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 soaring oil prices raised import bills.
sooyeon@yna.co.kr
(END)
