Balance of Payments Trends during July 2009
(preliminary)
August 2009
Economic Statistics Department
The Bank of Korea
- ii -
The current account recorded a surplus of 4.4 billion dollars in July
□
2009, narrower than the previous month's 5.43 billion dollars surplus, due to a widened deficit on the services account including the travel account, which partially offset the effect of the substantial goods account surplus.
The goods account registered a huge surplus of 6.17 billions
―
dollars following the previous month's(6.61 billion dollars).
The services account deficit widened from 1.45 billion dollars to
―
1.89 billion dollars because of a widened travel account deficit which counteracted the increased scale of the transportation account surplus.
The income account surplus narrowed to 0.48 billion dollars
―
from the previous month's 0.68 billion dollars as interest received shrank whereas interest paid increased.
The current transfers account deficit stood at 0.36 billion dollars,
―
down from the previous month's 0.41 billion dollars.
<The current account registered a surplus of 26.15 billion dollars for the first seven months of the year.>
Current Account Trends
-60 -40 -20 0 20 40 60 80 100
'08.1 2 3 4 5 6 7 8 9 10 11 12 '09.1 2 3 4 5 6 7
Goods account Services account Income account
Current transfers Current account (0.1 billion
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The capital and financial account in July 2009 shifted from the
□
previous month's net outflow of 0.29 billion dollars to a net inflow of 2.38 billion dollars.
― The direct investment account shifted from the previous month's net inflow of 0.22 billion dollars to a net outflow of 1.14 billion dollars as foreign direct investors withdrew their investments, while residents' outward direct investment increased.
― The portfolio investment account registered a net inflow of 7.94 billion dollars, up from the previous month's 5.34 billion dollars as residents such as financial institutions increased their issue of offshore bonds while foreigners' investment in long-term bonds issued in Korea expanded.
― The financial derivatives account recorded a net outflow of 0.27 billion dollars, down from the previous month's 1.28 billion dollars as payments related to financial derivatives transactions decreased significantly.
― The other investment account registered a net outflow of 4.38 billion dollars, almost the same as the previous month's net outflow of 4.62 billion dollars, as short-term loan assets increased, a temporary decrease of overseas deposit assets not withstanding.
<The capital and financial account recorded a net inflow of 10.73 billion dollars for the first seven months of the year.>
Reserve assets in July 2009 increased by 5.57 billion dollars.
□
<Reserve assets increased by 34.13 billion dollars during the first seven months of the year.>
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Balance of Payments Summary Table
1)2)(In 0.1 billion U.S. dollars, %)
2008p 2009p
July Jan~July June r July Jan~July
. Current account
Ⅰ -25.3 -78.8 54.3 44.0 261.5
<-20.5> <-36.0> <46.7> <39.3> <273.4>
1. Goods 2.2 47.2 66.1 61.7 321.4
Exports(FOB) 422.4 2,634.0 315.7 335.7 2,015.2
(32.3) (24.9) (-22.5) (-20.5) (-23.5)
(customs clearance) 409.6 2,549.0 326.1 320.2 1,975.0
(35.6) (22.6) (-12.5) (-21.8) (-22.5)
Imports(FOB) 420.2 2,586.8 249.6 274.0 1,693.7
(46.5) (31.9) (-33.0) (-34.8) (-34.5)
(customs clearance) 429.5 2,638.0 253.9 276.2 1,723.3
(47.0) (32.3) (-32.9) (-35.7) (-34.7)
2. Services -24.6 -118.0 -14.5 -18.9 -78.0
Credit 67.7 443.4 45.9 48.4 333.1
Debit 92.3 561.4 60.4 67.3 411.1
3. Income 2.4 12.8 6.8 4.8 14.9
Credit 17.7 140.4 14.7 13.3 88.4
Debit 15.3 127.6 7.9 8.5 73.5
4. Current transfers -5.4 -20.9 -4.1 -3.6 3.1
Credit 11.8 72.1 9.7 9.4 75.8
Debit 17.1 93.0 13.8 13.0 72.6
. Capital & financial
Ⅱ account -57.7 -100.5 -2.9 23.8 107.3
1. Direct investment -12.1 -89.2 2.2 -11.4 -22.9
2. Portfolio investment -88.6 -128.5 53.4 79.4 282.1
3. Derivatives -7.1 -25.9 -12.8 -2.7 -57.8
4. Other investment 51.8 149.5 -46.2 -43.8 -106.6
5. Capital transfers and acquisition of
non-financial assets -1.8 -6.5 0.4 2.4 12.6
. Changes in reserve
Ⅲ assets3) 91.7 187.4 -38.5 -55.7 -341.3
. Errors & omissions
Ⅳ -8.6 -8.1 -12.9 -12.1 -27.4
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Figures in < > represent seasonally-adjusted figures.
3) Negative figures represent increases in reserve assets.
