Balance of Payments during October 2010
(preliminary)
Nov. 2010
Economic Statistics Department
The Bank of Korea
□ The current account surplus for October 2010 widened to 5.37 billion dollars from the previous month's 3.95 billion dollars.
The goods account surplus stood at 6.54 billion dollars,
―
wider than the 5.57 billion dollars a month earlier due to a increase in passenger car and information & communication equipment exports.
The services account deficit narrowed to 1.69 billion dollars,
―
from the previous month's 1.96 billion dollars due to an increase in earnings from freight (incoming) and a decrease in payments for education-related expenditure.
The income account
― surplus widened from the previous
month's 0.51 billion dollars to 0.76 billion dollars as interest payment's decreased.
― The current transfers account deficit widened slightly to 0.24 billion dollars from the previous month's 0.16 billion dollars
< The current account accumulated a surplus of 29.00 billion dollars during the first ten months of 2010. >
Current Account Trends
The capital and financial account in October 2010 shifted from
□
the previous month's net inflow of 0.17 billion dollars to a net outflow of 3.96 billion dollars.
Direct investment recorded a net outflow of 6.13 billion
―
dollars, up from the previous month's net outflow of 3.60 billion dollars, as outward foreign direct investment sharply increased.
― ortfolio investment registered a net inflow of 7.45 billionP dollars, up from the previous month's net inflow of 4.41 billion dollars, owing to the increase of foreign investors' domestic securities investment.
Financial derivatives marked a net outflow of 0.10 billion
―
dollars, down from the previous month's net outflow of 0.37 billion dollars.
The other investment recorded a net outflow of 5.13 billion
―
dollars, up from the previous month's net outflow of 0.24 billion dollars, being mainly influenced by the repayment of borrowings and an increase in temporary short-term loans.
< The capital and financial account recorded a net outflow of 2.99 billion dollars during the first ten months of 2010. >
Reserve assets increased by 2.66 billion dollars in October
□
2010.
< Reserve assets expanded by 25.53 billion dollars during the first ten months of 2010. >
Balance of Payments Summary Table
1)(In hundred million of U.S. dollars, %)
2009p 2010p
10 1~10 9r 10 1~10
. Current account
Ⅰ 47.6 368.7 39.5 53.7 290.0
1. Goods 56.8 462.6 55.7 65.4 462.2
Exports(FOB) 358.9 3,024.3 402.5 429.1 3,891.6
(-5.6) (-19.6) (15.3) (19.6) (26.8) (customs clearance) 339.7 2,935.3 394.2 433.6 3,819.4 (-8.5) (-19.8) (16.2) (27.6) (30.1)
Imports(FOB) 302.1 2,561.7 346.8 363.6 3,429.4
(-15.9) (-31.3) (17.0) (20.4) (33.9) (customs clearance) 304.0 2,606.3 349.9 368.8 3,464.4 (-15.8) (-31.4) (17.6) (21.3) (32.9)
2. Services -13.1 -127.4 -19.6 -16.9 -171.4
Credit 48.5 474.4 57.0 63.3 578.2
Debit 61.6 601.9 76.6 80.1 749.5
3. Income 5.6 34.7 5.1 7.6 23.1
Credit 13.2 128.1 14.4 15.7 142.1
Debit 7.6 93.4 9.3 8.2 119.0
4. Current Transfers -1.6 -1.2 -1.6 -2.4 -24.0
Credit 9.3 104.3 10.7 12.2 109.9
Debit 10.9 105.4 12.3 14.6 133.9
. Capital & financial
Ⅱ account 15.8 232.6 1.7 -39.6 -29.9
1. Direct investment -5.1 -48.6 -36.0 -61.3 -177.6
2. Portfolio investment 61.3 463.2 44.1 74.5 392.8
3. Derivatives -5.7 -73.8 -3.7 -1.0 -12.0
4. Other investment -34.8 -120.2 -2.4 -51.3 -231.4
5. Capital transfer and acquisition of
non-financial assets 0.1 12.1 -0.3 -0.5 -1.7
Ⅲ. Changes in reserve
assets2) -79.7 -604.1 -28.8 -26.6 -255.3
. Errors & omissions
Ⅳ 16.3 2.8 -12.4 12.4 -4.8
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Negative figures represent increases in reserve assets.
