south korea\s current account surplus hit record
Last Updated : GMT 00:48:06
Arab Today, arab today
Arab Today, arab today

South Korea\'s current account surplus hit record

Arab Today, arab today

Arab Today, arab today South Korea\'s current account surplus hit record

Seoul - XINHUA

South Korea\'s current account surplus hit the new record monthly high last month due to faster growth in exports than imports, central bank data showed Friday. Current account surplus reached 6.88 billion U.S. dollars in November, marking the largest in the country\'s history and up from a revised surplus of 5.78 billion dollars tallied in the previous month, according to the Bank of Korea (BOK). The current account balance maintained its surplus trend for 10 straight months through November due to faster expansion in exports than imports, indicating that the South Korean economy may begin to escape from the so-called recession-type surplus. For the first 11 months of this year, the surplus amounted to 40.97 billion dollars, up from 23.28 billion dollars in the same period of last year. The current account balance is the broadest measure of international trade and investment income. Exports, which account for around half of the South Korean economy, jumped 5.9 percent on-year to 49.63 billion dollars in November. The on-year growth continued to accelerate to 5.9 percent in November from 3.8 percent in October and 0.6 percent in September. Demand for locally-made chips, telecommunication devices and display panels widened its growth, and shipment of steel products and automobiles turned around last month. Ship exports continued to decline amid the sluggish shipbuilding industry. Imports increased 0.6 percent on-year to 42.87 billion dollars last month. The growth pace in imports was faster than the prior month\'s 0.5 percent, but it was much lower than the export expansion, contributing to the record high of current account surplus. Helped by faster growth in exports than imports, the goods account balance logged a surplus of 6.75 billion dollars in November, up from 5.17 billion dollars in the previous month. The service account, which measures the flow of travel, transport costs and royalties, logged a deficit of 50 million dollars in November, shifting from a surplus of 380 million dollars in the previous month. The shift was attributed to an increase in intellectual property rights payment and a rise in travel account deficit. The primary income account, including monthly salaries and investment income, registered a surplus of 370 million dollars last month, down from a surplus of 520 million dollars in October due to a reduction in interest incomes. The financial account, which gauges cross-border investment, recorded an outflow of 9.85 billion dollars in November, up from an outflow of 7.25 billion dollars in the prior month, according to the BOK. For the first 11 months of this year, the account logged an outflow of 40.29 billion dollars. Net outflow in direct investment widened to 1.34 billion dollars in November from 980 million dollars in October as local residents increased overseas direct investment. Portfolio investment, including stock and bond investment, logged a net outflow of 3.88 billion dollars last month, down from a net outflow of 4.66 billion dollars for October. The decrease was attributed to foreign investors who bought more local bonds last month. Other investment account, including trade credit and foreign debts, marked a net outflow of 2.69 billion dollars in November, sharply up from an outflow of 20 million dollars a month before. Local financial institutions reduced repayment of foreign debts, but an outflow related to trade credit rose sharply, the BOK said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea\s current account surplus hit record south korea\s current account surplus hit record

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

south korea\s current account surplus hit record south korea\s current account surplus hit record

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday