Balance of Payments Trends during November 2009
(preliminary)
December 2009
Some former time series of the balance of payments have been
※
revised in accordance with the finalized BOP statistics for 2008.
<Refer to ECOS(http://ecos.bok.or.kr) in detail.>
Economic Statistics Department
The Bank of Korea
□ The current account surplus in November 2009 narrowed slightly to 4.28 billion dollars from 4.76 billion dollars a month earlier.
The goods account maintained a substantial surplus,
―
registering 5.84 billion dollars, with both exports and imports shifting to an increase of year-on-year.
The services account deficit widened slightly to 1.66 billion
―
dollars from the previous month's 1.31 billion dollars, led by worsening travel account and other services account.
The income account surplus fell to 0.39 billion dollars from
―
the previous month's 0.56 billion dollars.
The current transfers account deficit widened to 0.29 billion
―
dollars from the previous month's 0.16 billion dollars as payments for foreign remittances increased.
< The current account accumulated a surplus of 41.15 billion dollars for the first eleven months of the year. >
Current Account Trends
□ The capital and financial account registered a net inflow of 1.54 billion dollars in November 2009, almost the same as the previous month.
― Direct investment recorded a net outflow of 2.84 billion dollars, up from the previous month's 0.51 billion dollars, as outward direct investment expanded and there was a net outflow of foreign direct investment.
― Portfolio investment showed a net inflow of 3.39 billion dollars, lower than the previous month's 6.13 billion dollars, as foreigners' investment in Korean bonds decreased and offshore bonds issued by domestic enterprises experienced a net redemption.
― The financial derivatives account shifted from the previous month's net outflow of 0.57 billion dollars to a net inflow of 0.85 billion dollars, as payments related to financial derivatives transactions decreased.
― The other investment account shifted from the previous month's net outflow of 3.48 billion dollars to a net inflow of 0.19 billion dollars, as domestic financial institutions collected overseas short-term foreign-currency loans.
< The capital and financial account recorded a net inflow of 24.81 billion dollars for the first eleven months of the year. >
□ Reserve assets increased by 5.64 billion dollars in November 2009.
< Reserve assets increased by accumulative 66.05 billion dollars during the first eleven months of the year. >
Balance of Payments Summary Table
1)2)(In 0.1 billion U.S. dollars, %)
2008r 2009p
November Jan~Nov Octoberr November Jan Nov～ . Current account
Ⅰ 24.1 -65.5 47.6 42.8 411.5
<-6.9> <32.5> <11.7>
1. Goods 12.3 42.5 56.8 58.4 521.0
Exports(FOB) 295.0 4,055.1 358.9 348.1 3,372.4
(-17.9) (17.4) (-5.6) (18.0) (-16.8)
(customs clearance) 288.4 3,948.9 339.6 340.7 3,275.3
(-19.5) (16.7) (-8.5) (18.1) (-17.1)
Imports(FOB) 282.7 4,012.6 302.1 289.7 2,851.3
(-14.9) (26.3) (-16.0) (2.4) (-28.9)
(customs clearance) 288.5 4,087.0 303.4 294.6 2,898.5
(-15.0) (26.6) (-16.0) (2.1) (-29.1)
2. Services -0.7 -151.2 -13.1 -16.6 -144.0
Credit 58.1 710.4 48.5 49.5 523.9
Debit 58.8 861.6 61.6 66.1 668.0
3. Income 7.6 53.1 5.6 3.9 38.6
Credit 15.4 213.1 13.2 13.7 141.7
Debit 7.8 160.0 7.6 9.8 103.2
4. Current transfers 4.9 -9.9 -1.6 -2.9 -4.1
Credit 13.1 126.7 9.3 9.0 113.3
Debit 8.2 136.6 10.9 11.9 117.4
. Capital & financial
Ⅱ account -134.9 -444.1 15.8 15.4 248.1
1. Direct investment -6.2 -151.8 -5.1 -28.4 -77.0
2. Portfolio investment -25.2 -29.9 61.3 33.9 497.1
3. Derivatives -13.5 -112.8 -5.7 8.5 -65.3
4. Other investment -92.2 -149.8 -34.8 1.9 -118.3
5. Capital transfers and acquisition of
non-financial assets 2.1 0.1 0.1 -0.5 11.6
. Changes in reserve
Ⅲ assets3) 109.0 533.4 -79.7 -56.4 -660.5
. Errors & omissions
Ⅳ 1.8 -23.8 16.3 -1.8 0.9
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Figures in < > represent seasonally-adjusted figures.
3) Negative figures represent increases in reserve assets.
