S.Korea's current account surplus tops 10 bln USD in 12 months

SEOUL, Nov. 6 (Xinhua) -- South Korea's current account surplus topped 10 billion U.S. dollars in 12 months on the back of brisk export of locally-made semiconductors, central bank data showed Tuesday.

Current account balance, the broadest measure of cross-border capital flow, posted a surplus of 10.83 billion dollars in September, surpassing 10 billion dollars in 12 months, according to the Bank of Korea (BOK).

The current account balance stayed in the black for 79 months since March 2012 due to strong global demand for locally-made chips.

Export, which accounts for about half of the export-driven economy, dipped 5.5 percent from a year earlier to 51.08 billion dollars in September, but it was mainly attributable to less business days, caused by the Chuseok holiday, a South Korean version of the Thanksgiving Day.

Despite the reduction, the export topped 50 billion dollars thanks to brisk shipment of semiconductors, according to the BOK.

Import shed 3.2 percent over the year to 37.83 billion dollars in September, sending the trade surplus for goods to 13.24 billion dollars. It was the highest trade surplus since September last year.

Services account balance logged a deficit of 2.52 billion dollars in the month as the travel account deficit reached 1.13 billion dollars.

The number of foreign travelers to South Korea fell 0.5 percent in September from a year earlier, though the number of Chinese and Japanese tourists visiting the country increased in the month.

The transport account balance turned into a surplus of 30 million dollars, the first turnaround in 25 months.

The primary income account, which gauges dividend, interest income as well as salary, was a surplus of 670 million dollars in September.

Financial account, which measures cross-border capital flow without transactions in goods and services, recorded a new inflow of 9.73 billion dollars.

Overseas direct investment by local residents grew 2.47 billion dollars in the month, while foreign direct investment in South Korea rose 300 million dollars.

Portfolio investment by local residents into foreign securities gained 7.72 billion dollars, but foreign investment into local stocks and bonds reduced 1.4 billion dollars.

[ Editor: zyq ]


View all

Comments are filtered for language and registration is not required. Guangming Online makes no guarantee of comments' factual accuracy. By posting your comment you agree to our house rules.