Ⓒ JoongAng Ilbo / JoongAng Ilbo Japanese version2022.09.08 07:40
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With the greenback strong, the received exchange level hit new lows since the start out of the 12 months for numerous days. The greenback fell to 1,384.20 gained for six consecutive enterprise days. 1,400 won for every greenback, which is reported to be a psychological resistance line to the won collapse, has entered the countdown section. There are also predictions that the depreciation of the gained will continue on as red flags are lit in the Korean economy, these as the deterioration of the semiconductor industry and the deficit in the commodity harmony.
On the 7th, the received trade fee closed at 1,384.20 received per dollar, depreciating 12.50 received from the past working day on the Seoul exchange industry. It is the initial time in 13 several years and 5 months that the gained exchange level has exceeded 1,380 received for every greenback since April 1, 2009, when it was 1,379.50 won.
The won exchange fee dropped to 1,380 gained for every greenback at the start off of buying and selling and the gained depreciated to 1,388.40 gained at a person level through buying and selling hours. It surpassed the 1,370 get level on 5 and attained the 1,380 win stage in two times. The exchange price won strike new lows due to the fact the starting of the calendar year for six enterprise days commencing on the 31st of previous thirty day period.
As the winner plummeted, both international and institutional investors released a provide offensive, pushing the Korea Composite Inventory Rate Index (KOSPI) to the 2,370 stage. It is the initial time given that 2370.97 on July 19 that KOspi has dropped to 2370 factors centered on the closing selling price. In accordance to the Korea Exchange, KOspi shut at 2376.46, down 1.39% from the preceding working day. KOSPI, which opened at 2,395.66, breaking below 2,400, fell further more as the gain depreciated to the 1,380 level. On that working day, foreign buyers sold 488.9 billion gained and institutional traders bought 227.7 billion received on the securities current market. Specific buyers defended by themselves by buying a web worth of 688.3 billion won, but it was inadequate. Samsung Electronics, a flagship share of KOspi, fell 1.93% to 56,000 received. The KOSDAQ index also fell 1.45% to shut at 768.19.
Lee Jin-woo, head of the investment decision strategy team at Meritz Securities, said: “Whilst the industry is continue to sensitive to the trade rate, it seems that the warning on financial indicators that will be launched just after Chuseok’s getaway has also taken impact. . ” analyzed.
The purpose the gained exchange price and the inventory sector confirmed a downward trend is that the Korean trade war was illuminated by a strong dollar and stress amplified. In accordance to the Lender of Korea, the latest account surplus in July was $ 1.09 billion. 6.62 billion dollars much less than a 12 months in the past. It was the second premier drop given that May possibly 2011, when it fell $ 7.9 billion.
In specific, the July freight harmony was in the crimson for the 1st time in 10 yrs and three months considering that April 2012, with a deficit of $ 1.18 billion.
◇ A existing account deficit has a unfavorable impact on exterior creditworthiness … negative news for the exchange level won
The present account surplus in July was $ 1.09 billion, down 85% from $ 7.71 billion a calendar year in the past. The rate of commodities these kinds of as crude oil has soared and imports have risen substantially more than exports. Exports ended up $ 59.05 billion, up $ 3.79 billion (6.9%) from a yr in the past. On the other hand, imports increased by $ 10.52 billion (21.2 %) to $ 60.23 billion.
The present account could operate a deficit in August. The trade harmony in August recorded a document deficit of $ 9.47 billion. While the items harmony and the trade equilibrium do not particularly match thanks to discrepancies in calculation techniques and establishments, they overlap appreciably.
Kim Yong-hwan, director of financial statistics at the Financial institution of Korea’s Financial Data Bureau, stated: “The August trade balance has turned into an unusually massive deficit. The balance of goods is also expected to be affected and c ‘is the chance that the Current account stability in August will drop into the crimson.’ ‘he stated.
Present account deficits often ran into deficits in April, when seasonal aspects these types of as dividends to overseas investors had been mirrored. It ran a $ 80 million deficit in April this yr. However, the previous time it ran a present account deficit in a thirty day period other than April was in February 2012, when it posted a deficit of $ 2.584 billion. In August, it recorded only a surplus after a deficit of $ 3.845 billion in August 2008. April 2012 was the last time the two the commodity and checking account balances ended up in the purple.
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