Global Biz
S. Korea posts current account surplus for 10th month in November
(Xinhua)
Updated: 2009-12-29 15:08
 |
Large Medium Small |
SEOUL: South Korea posted a current account surplus for the tenth straight month in November thanks to brisk exports, the central bank said Tuesday.
According to the Bank of Korea (BOK), the nation's current account surplus topped US$4.28 billion last month, down from October's US$4.76 billion.
The November figure, although narrowing from the previous month, pulled up the accumulative surplus for 2009 to a record high of US$41.15 billion.
The goods account maintained a substantial surplus, registering US$5.84 billion, with both exports and imports shifting to a yearly increase.
The services account deficit inched up to US$1.66 billion from the previous month's US$1.31 billion, mainly due to worsening travel account and other services account.
The income account, covering wages for foreign workers and dividend payments overseas, posted a surplus that fell to US$0.39 billion from the previous month's US$0.56 billion.
The current transfers account deficit widened to US$0.29 billion from the previous month's US$160 million as payments for foreign remittances increased.
Meanwhile, the capital and financial account, including cross- border investments, registered a net inflow of US$1.54 billion in November 2009, hovering around the figure tallied the previous month.
With the November record, the capital and financial account recorded a net inflow of US$24.81 billion for the first eleven months of the year.
The BOK said recently that the country is likely to top a current account surplus of US$43 billion this year, revising up its earlier estimate of US$29 billion.
Next year, however, the BOK said that the economy is to post a smaller surplus, nearly US$17 billion, as imports are likely to rise due to an economic recovery.
