Balance of Payments during November 2010
(preliminary)
Dec. 2010
Economic Statistics Department
The Bank of Korea
□ The current account surplus for November 2010 narrowed to 1.93 billion dollars as against October's 4.89 billion dollars.
The goods account surplus narrowed from 5.39 billion dollars
―
a month earlier to 3.35 billion dollars due to an increase in imports of raw materials including crude oil.
The services account deficit contracted from the previous
―
month's 0.87 billion dollars to 0.49 billion dollars due to an improvement of balance of construction services.
The primary income account shifted from
― the previous
month's 0.66-billion dollar surplus to a 0.69-billion dollar deficit as dividend payments increased substantially.
― The secondary income account registered a 0.24-billion dollar deficit, similar to the previous month's level.
< The current account accumulated a surplus of 25.06 billion dollars for the first eleven months of 2010. >
Current Account Trends
The capital account deficit in November 2010 stood at 0.03
□
billion dollars, more or less in equilibrium following on from October.
Acquisitions of nonproduced, nonfinancial assets increased,
―
whereas capital transfers shifted to a slight surplus.
< The capital account accumulated a deficit of 0.19 billion dollars during the first eleven months of 2010. >
The financial account in November 2010 recorded a net
□
outflow of 3.28 billion dollars, down from October's net outflow of 5.82 billion dollars.
Direct investment recorded a net outflow of 1.29 billion
―
dollars, down from the previous month's net outflow of 5.39 billion dollars, as outw ard foreign direct investm ent declined.
― ortfolio investment registered a net inflow of 3.49 billionP dollars, down from the previous month's net inflow of 7.45 billion dollars, owing to the decrease of foreign investors' domestic securities investment.
Financial derivatives marked a slight net inflow.
―
Other investment recorded a net outflow of 3.88 billion
―
dollars, less than the previous month's net outflow of 5.22 billion dollars.
Reserve assets increased by 1.72 billion dollars during the
―
month of November.
< The financial account registered a net outflow of 25.92 billion dollars for the first eleven months of 2010. >
Balance of Payments Summary Table
1)(Hundred million USD, %)
2009 2010p
11 1~11 10r 11 1~11
. Current account
Ⅰ 41.7 320.8 48.9 19.3 250.6
1. Goods 48.5 356.8 53.9 33.5 379.9
Exports (FOB) 340.6 3,233.9 419.4 421.0 4,210.5
(21.4) (-20.8) (25.3) (23.6) (30.2)
Imports (FOB) 292.0 2,877.0 365.6 387.5 3,830.6
(2.7) (-28.7) (22.1) (32.7) (33.1)
2. Services -6.4 -51.3 -8.7 -4.9 -108.8
Credit 63.6 651.4 73.5 78.3 738.7
Debit 70.0 702.7 82.2 83.2 847.5
3. Primary income 2.7 18.0 6.6 -6.9 8.0
Credit 12.9 130.1 14.6 13.3 146.5
Debit 10.1 112.1 8.1 20.2 138.4
4. Secondary income -3.2 -2.7 -2.8 -2.4 -28.4
Credit 8.9 115.6 12.2 11.6 121.5
Debit 12.0 118.3 15.0 14.0 149.9
Ⅱ Capital & financial account. -42.3 -333.3 -58.7 -33.1 -261.1
1. Capital account -0.6 2.5 -0.5 -0.3 -1.9
1.1 Capital transfers -0.5 2.8 -0.2 0.1 -0.4
1.2 Nonproduced
Nonfinancial Assets -0.1 -0.3 -0.3 -0.4 -1.5
2. Financial account -41.7 -335.8 -58.2 -32.8 -259.2 2.1 Direct investment2) -28.6 -117.2 -53.9 -12.9 -177.7 2.2 Portfolio investment2) 29.9 487.6 74.5 34.9 422.3 2.3 Financial derivatives2) 6.1 -30.0 0.0 1.1 -5.2 2.4 Other investment2) 7.1 -19.7 -52.2 -38.8 -208.8 2.5 Reserve assets3) -56.4 -656.6 -26.6 -17.2 -289.8
Ⅲ. Errors & omissions 0.6 12.5 9.8 13.8 10.5
Notes: 1) Figures in ( ) represent year-on-year changes.
2) Negative figures represent a net outflow.
3) Negative figures represent increases in reserve assets.
