Balance of Payments Trends during January 2010
(preliminary)
February 2010
Economic Statistics Department
The Bank of Korea
□ The current account in January 2010 shifted to a deficit of 0.45 billion dollars from a surplus of 1.52 billion dollars the preceding month as the goods account surplus narrowed substantially, while the service account deficit shrank.
The goods account surplus registered a surplus of 1.55 billion
―
dollars as against 4.02 billion dollars a month earlier, due to a decrease in shipbuilding exports and an increase of energy demand during a severe cold wave.
The services account deficit narrowed to 2.16 billion dollars
―
from the previous month's 2.8 billion dollars, as the deficit on the other services account including business services narrowed substantially, while the travel account deficit widened due to increased overseas travel during the winter vacation season.
The income account surplus fell to 0.47 billion dollars from
―
the previous month's 0.7 billion dollars.
The current transfers account deficit narrowed slightly to 0.3
―
billion dollars from the previous month's 0.4 billion dollars.
Current Account Trends
The capital and financial account in January 2010 registered
□ a
net inflow of 5.07 billion dollars, up from the previous month's net inflow of 1.64 billion dollars.
Direct investment registered a net outflow of 1.68 billion
―
dollars, an increase from the previous month's net outflow of 1.37 billion dollars, as the decrease in inward foreign direct investment from the previous month outpaced that in outward foreign direct investment.
― ortfolio investment recorded a net inflow of 0.10 billionP dollars, down from a net inflow of 0.97 billion dollars, since foreign investors' domestic stocks investment decreased slightly and Korean residents' investment in foreign stocks shifted to a net outflow.
Financial derivatives marked a net inflow of 0.32 billion
―
dollars, lower than the previous month's net inflow of 0.99 billion dollars.
Other investment registered a net inflow of 6.40
― billion
dollars, larger than the previous month's 1.01 billion dollars, due to an increase in near-term overseas borrowings by financial institutions.
Reserve assets increased by 5.25 billion dollars in January
□
2010.
Balance of Payments Summary Table
1)(In hundred million of U.S. dollars, %)
2009p 2010.1p
1 11 12 1~12
. Current account
Ⅰ -16.1 42.8 15.2 426.7 -4.5
1. Goods -17.6 58.4 40.2 561.3 15.5
Exports(FOB) 225.1 348.1 363.5 3,735.8 322.7
(-34.6) (18.0) (32.6) (-13.7) (43.3)
<customs clearance> 211.3 339.9 360.1 3,635.3 310.1
(-34.5) (17.9) (32.8) (-13.9) (46.7)
Imports(FOB) 242.7 289.7 323.2 3,174.6 307.2
(-31.4) (2.4) (24.3) (-25.7) (26.6)
<customs clearance> 249.0 295.3 329.2 3,230.8 314.7
(-31.4) (2.4) (23.9) (-25.8) (26.4)
2. Services -7.1 -16.6 -28.0 -172.0 -21.6
Credit 51.2 49.5 61.2 585.1 51.9
Debit 58.3 66.1 89.2 757.2 73.5
3. Income 6.0 3.9 7.0 45.5 4.7
Credit 12.5 13.7 15.3 157.0 12.4
Debit 6.6 9.8 8.3 111.5 7.7
4. Current Transfers 2.6 -2.9 -4.0 -8.1 -3.0
Credit 11.5 9.0 11.3 124.6 9.5
Debit 8.9 11.9 15.3 132.7 12.4
. Capital & financial
Ⅱ account 46.6 15.4 16.4 264.5 50.7
1. Direct investment -5.4 -28.4 -13.7 -90.7 -16.8
2. Portfolio investment 56.8 33.9 9.7 506.8 1.0
3. Derivatives -2.5 8.5 9.9 -55.4 3.2
4. Other investment -3.8 1.9 10.1 -108.2 64.0
5. Capital transfer and acquisition of
non-financial assets 1.4 -0.5 0.3 11.9 -0.7
Ⅲ. Changes in reserve
assets2) -44.9 -56.4 -30.1 -690.6 -52.5
. Errors & omissions
Ⅳ 14.5 -1.8 -1.5 -0.5 6.2
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Negative figures represent increases in reserve assets.
