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Korea Logs Current Account Surplus for 9th Month in Oct.
Date
2012.11.28
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South Korea posted a current account surplus for the ninth straight month in October as exports gained ground, weathering the global slowdown and the local currency's gain, the central bank said Wednesday.

The current account surplus reached US$5.82 billion in October, down from a revised $5.91 billion in the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cross-border trade.

In the first 10 months of this year, the cumulative current account surplus reached $34.13 billion, surpassing the central bank's 2012 surplus estimate of $34 billion.

Despite the slowing economic growth, the local currency has appreciated more than 6 percent to the dollar so far this year as foreign capital is flowing into Korea amid quantitative easing by major economies.

South Korea's goods balance logged a surplus of $5.21 billion in October, down from a revised $5.49 billion the previous month, the BOK added.

Exports and imports gained ground in October, easing some concerns that exports remain weak amid the global slowdown and imports fall due to sluggish domestic demand.

Overseas shipments rose 3.9 percent on-year to $48.21 billion and imports inched up 0.5 percent to $43 billion.

The service account, which includes outlays by South Koreans on overseas trips, posted a surplus of $378.3 million last month, compared with a surplus of $323.3 million in September.

The primary income account, which tracks wages for foreign workers and dividend payments overseas, logged a surplus of $521.9 million in October, up from $203.9 million in September.

Meanwhile, the capital and financial account, covering cross-border investments, posted a net outflow of $7.27 billion last month, larger than a net outflow of a revised $4.93 billion the previous month, the central bank said.

Source Text

 

Source: Yonhap News (Nov. 28, 2012)

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