Last November, the current account recorded a surplus of $8.97 billion (about 9.79 trillion won). It has been in the black for 7 consecutive months since May last year. Photo = Yonhap News
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As exports recovered, the current account surplus of $8.97 billion in November last year. It is a surplus for seven consecutive months.
According to preliminary statistics on international balance released by the Bank of Korea on the 8th, in November last year, the current account recorded a surplus of $8.97 billion (about 9.79 trillion KRW). It has been in the black for seven consecutive months since May last year.
The scale of the surplus exceeded $10 billion, not reaching the level of September-October, but the scale of the surplus increased by 50.3% from the same period last year ($5.97 billion).
Accordingly, the cumulative current account surplus from January to November of last year recorded $63.9 billion. This is 24.9% more than the same period last year ($55.54 billion). Accordingly, it is expected to achieve the annual forecast of $65 billion.
The increase in the current account surplus is due to the increase in the size of the commodity account surplus as exports recover. The commodity account surplus, which is the difference between import and export of goods in November, recorded $9.54 billion, an increase of $2.15 billion from the same month last year.
Exports ($47 billion) increased 1.1% from the previous year, turning up again in one month. On the other hand, income ($37.80 billion) decreased by 4.2%.
Looking at customs exports, semiconductor exports increased by 16.4%. Information and communication devices (23.8%) and chemicals (10.2%) also showed strong performance. Daily average exports rose to $2.04 billion (3.3%) for two consecutive months.
The service balance recorded a deficit of $720 million, but the width of the deficit decreased by $1.1 billion from a year ago. The travel account deficit ($500 million) decreased by $450 million. The number of overseas departures was affected by a 96% decrease compared to the same month last year.
The main income balance surplus ($420 million) decreased by $420 million from the previous year’s mobilization ($970 million) due to a decrease in dividend income. As the dividend amount of foreign direct investment corporations increased, the dividend income balance recorded a deficit of $490 million.
In direct investment, foreign investment by Koreans increased by $3.33 billion and domestic investment by foreigners increased by $1.33 billion. In the case of securities investment, domestic foreign investment increased by $9.41 billion, and foreign investment in domestic securities increased by $4.32 billion.
Reporter Chae Seon-hee [email protected]
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