Balance of Payments Trends during March 2010
(preliminary)
April 2010
Economic Statistics Department
The Bank of Korea
□ The current account in March 2010 widened to 1.69 billion dollars from the previous month's 0.17 billion dollars, as the good account surplus widened remarkedly, while the income account shifted from a surplus to a deficit.
The goods account surplus widened to 4.36 billion dollars
―
from the previous month's 1.56 billion dollars, due to a increase in exports such as semiconductor, passenger car.
The services account deficit stood at 2.10 billion dollars up
―
from 1.78 billion dollar a month earlier, as the travel account deficit widened.
The income account surplus shifted to a deficit of 0.26 billion
―
dollars from a surplus of 0.55 billion dollars the preceding month as external dividend payments increased.
The current transfers account deficit widened to 0.31 billion
―
dollars from the previous month's 0.16 billion dollars as payments for foreign remittances increased.
<The current account registered a surplus of 1.23 billion dollars during the first quarter of the year.>
Current Account Trends
The capital and financial account in March 2010 registered
□ a
net inflow of 1.12 billion dollars, up from the previous month's net inflow of 0.25 billion dollars.
Direct investment marked a net outflow of 0.20 billion
―
dollars, a decrease from the previous month's net outflow of 0.76 billion dollars, as outward foreign direct investment decreased more than the previous month and inward foreign direct investment shifted to a small amount of net inflow.
― ortfolio investment registered a net inflow of 7.72 billionP dollars, up from a net inflow of 3.13 billion dollars, as foreign investors' domestic stocks and bonds investment increased significantly.
Financial derivatives recorded a net inflow of 0.21 billion
―
dollars, almost the same as previous month's net inflow of 0.25 billion dollars.
Other investment registered a net outflow of 6.54
― billion
dollars, up from the previous month's net outflow of 2.32 billion dollars, as deposits increased temporarily, while overseas borrowings and trade credits were paid back.
< The capital and financial account recorded a net inflow of 5.84 billion dollars for the first quater of the year. >
Reserve assets increased by 2.33 billion dollars in March
□
2010.
< Reserve assets increased by 6.86 billion dollars during the first quarter of the year.>
Balance of Payments Summary Table
1)(In hundred million of U.S. dollars, %)
2009p 2010p
3 1~3 2r 3 1~3
. Current account
Ⅰ 66.4 86.2 1.7 16.9 12.3
1. Goods 69.7 83.1 15.6 43.6 72.9
Exports(FOB) 304.1 781.8 319.9 395.8 1,036.4
(-17.7) (-24.1) (26.6) (30.2) (32.6)
<customs clearance> 278.9 744.2 331.1 374.5 1,013.6 (-22.5) (-25.2) (30.3) (34.3) (36.2)
Imports(FOB) 234.3 698.7 304.3 352.2 963.5
(-36.4) (-33.0) (37.3) (50.3) (37.9)
<customs clearance> 239.2 714.2 310.0 356.3 980.8 (-35.5) (-32.7) (37.2) (49.0) (37.3)
2. Services -6.8 -19.3 -17.8 -21.0 -60.4
Credit 49.9 148.4 50.5 55.6 158.0
Debit 56.7 167.7 68.2 76.6 218.4
3. Income -1.8 9.2 5.5 -2.6 7.6
Credit 12.1 35.5 12.3 14.2 38.9
Debit 13.9 26.3 6.8 16.8 31.4
4. Current Transfers 5.3 13.1 -1.6 -3.1 -7.8
Credit 13.6 37.4 9.2 10.0 28.7
Debit 8.3 24.2 10.8 13.2 36.5
. Capital & financial
Ⅱ account -28.4 -14.0 2.5 11.2 58.4
1. Direct investment -7.2 -20.5 -7.6 -2.0 -26.5
2. Portfolio investment -23.1 35.3 31.3 77.2 110.0
3. Derivatives -23.2 -48.9 2.5 2.1 5.1
4. Other investment 22.7 12.8 -23.2 -65.4 -28.5
5. Capital transfer and acquisition of
non-financial assets 2.4 7.3 -0.4 -0.6 -1.8
Ⅲ. Changes in reserve
assets2) -32.7 -90.2 7.1 -23.3 -68.6
. Errors & omissions
Ⅳ -5.4 18.0 -11.3 -4.9 -2.1
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Negative figures represent increases in reserve assets.
