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S. Korea's current account hits 8-month high in June
제목 없음
South Korea's current account surplus increased to the highest level in eight
months in June as exports of cars and steel products remained brisk, the central
bank said Thursday.
The current account surplus reached US$2.99 billion in June, up from a revised $2.18 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.
The June surplus was the largest since a $5.11 billion surplus tallied in October last year. The current account remained in the black for the 16th straight month in June on exports, which account for about 50 percent of the South Korean economy.
The surplus amounted to a combined $9.06 billion in the first half and the central bank revised up its 2011 forecast of the surplus to $15.5 billion.
The surplus is widely expected to add further upward pressure on the local currency, which has appreciated about 8 percent to the dollar since January.
South Korea's goods balance posted a surplus of $3.66 billion in June, up from a revised $1.63 billion in May and the largest surplus in six months.
South Korea's exports remained firm, withstanding the local currency's continued gains and global economic uncertainty like the eurozone debt crisis.
Exports grew 21.3 percent on-year to an all-time high of $48.7 billion in June and imports expanded 27.6 percent to $45 billion.
The service account, which includes outlays by South Koreans on overseas trips, posted a deficit of $632.4 million last month, a turnaround from a surplus of $15.5 million in May.
In June, the travel account logged a deficit of $823.2 million, larger than a shortfall of $684.4 million the previous month.
The primary income account, which tracks wages for foreign workers and dividend payments overseas, logged a surplus of $239.8 million in June, compared with a surplus of $517.3 million the previous month.
Meanwhile, the capital and financial account, covering cross-border investments, posted a net outflow of $4.64 billion in June, compared with a net outflow of a revised $3.96 billion in May, according to the BOK.
Date
2011.07.28
The current account surplus reached US$2.99 billion in June, up from a revised $2.18 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.
The June surplus was the largest since a $5.11 billion surplus tallied in October last year. The current account remained in the black for the 16th straight month in June on exports, which account for about 50 percent of the South Korean economy.
The surplus amounted to a combined $9.06 billion in the first half and the central bank revised up its 2011 forecast of the surplus to $15.5 billion.
The surplus is widely expected to add further upward pressure on the local currency, which has appreciated about 8 percent to the dollar since January.
South Korea's goods balance posted a surplus of $3.66 billion in June, up from a revised $1.63 billion in May and the largest surplus in six months.
South Korea's exports remained firm, withstanding the local currency's continued gains and global economic uncertainty like the eurozone debt crisis.
Exports grew 21.3 percent on-year to an all-time high of $48.7 billion in June and imports expanded 27.6 percent to $45 billion.
The service account, which includes outlays by South Koreans on overseas trips, posted a deficit of $632.4 million last month, a turnaround from a surplus of $15.5 million in May.
In June, the travel account logged a deficit of $823.2 million, larger than a shortfall of $684.4 million the previous month.
The primary income account, which tracks wages for foreign workers and dividend payments overseas, logged a surplus of $239.8 million in June, compared with a surplus of $517.3 million the previous month.
Meanwhile, the capital and financial account, covering cross-border investments, posted a net outflow of $4.64 billion in June, compared with a net outflow of a revised $3.96 billion in May, according to the BOK.
Source: Yonhap News (July 28, 2011)