Balance of Payments during July 2010
(preliminary)
August 2010
Economic Statistics Department
The Bank of Korea
□ The current account surplus for July 2010 widened to 5.88 billion dollars from the previous month's 5.10 billion dollars.
― The goods account surplus widened to 7.38 billion dollars from the previous month's 6.41 billion dollars, due to increased shipbuilding and semiconductor exports.
The services account deficit stood at 1.66 billion dollars,
―
similar to that of the previous month because of a widened travel account deficit during the summer vacation season, which counteracted the decreased scale of external payments for other services.
The income account
― surplus widened to 0.44 billion dollars from the previous month's 0.33 billion dollars.
― The current transfers account shifted to a deficit of 0.28 billion dollars from a surplus of 0.03 billion dollars the preceding month.
< The current account accumulated a surplus of 17.55 billion dollars during the first seven months of 2010. >
Current Account Trends
The capital and financial account in July 2010 registered
□ a net
outflow of 0.05 billion dollars, a decrease from the previous month's net outflow of 1.23 billion dollars.
Direct investment recorded a net outflow of 1.90 billion
―
dollars, up from the previous month's net outflow of 0.47 billion dollars, as outward foreign direct investment increased.
― ortfolio investment registered a net inflow of 8.63 billionP dollars, an increase from the previous month's net inflow of 1.89 billion dollars, owing to an increase in Korean residents' bond issuance abroad and in foreign investors' domestic equity & debt securities investment.
Financial derivatives marked a net outflow of 0.08 billion
―
dollars, down from the previous month's net outflow of 0.45 billion dollars.
The other investment account recorded a net outflow of 6.70
―
billion dollars, an increase from the previous month's net outflow of 2.25 billion dollars that was mainly influenced by repayments of short-term borrowings and trade credit liabilities.
< The capital and financial account recorded a net inflow of 0.95 billion dollars during the first seven months of 2010. >
Reserve assets increased by 6.02 billion dollars in July 2010.
□
< Reserve assets expanded by 18.48 billion dollars during the year to July 2010. >
Balance of Payments Summary Table
1)(In hundred million of U.S. dollars, %)
2009p 2010p
6 1~7 6r 7 1~7
. Current account
Ⅰ 44.2 261.4 51.0 58.8 175.5
1. Goods 61.1 320.0 64.1 73.8 305.3
Exports(FOB) 335.2 2,013.8 415.9 431.7 2,675.0
(-20.6) (-23.5) (31.8) (28.8) (32.8) (customs clearance) 319.1 1,966.9 419.5 409.5 2,622.9 (-22.1) (-22.8) (30.2) (28.3) (33.4)
Imports(FOB) 274.1 1,693.8 351.8 357.8 2,369.8
(-34.4) (-34.5) (41.0) (30.7) (39.9) (customs clearance) 276.8 1,730.7 354.6 354.4 2,394.5 (-35.6) (-34.4) (38.0) (28.0) (38.4)
2. Services -19.0 -79.9 -16.7 -16.6 -118.7
Credit 48.1 332.0 63.1 63.3 398.3
Debit 67.1 412.0 79.8 79.9 517.0
3. Income 5.1 17.3 3.3 4.4 4.4
Credit 13.6 90.7 16.7 13.7 97.2
Debit 8.5 73.5 13.4 9.3 92.8
4. Current Transfers -3.1 4.0 0.3 -2.8 -15.5
Credit 9.4 75.3 13.5 10.2 76.3
Debit 12.5 71.3 13.2 13.0 91.8
. Capital & financial
Ⅱ account 22.0 94.8 -12.3 -0.5 9.5
1. Direct investment -13.2 -35.4 -4.7 -19.0 -67.8
2. Portfolio investment 79.4 282.1 18.9 86.3 259.7
3. Derivatives -2.7 -57.8 -4.5 -0.8 -8.2
4. Other investment -43.8 -106.6 -22.5 -67.0 -172.7
5. Capital transfer and acquisition of
non-financial assets 2.4 12.6 0.5 0.0 -1.5
Ⅲ. Changes in reserve
assets2) -55.7 -341.3 -33.9 -60.2 -184.8
. Errors & omissions
Ⅳ -10.5 -14.9 -4.7 1.9 -0.2
Notes : 1) Figures in ( ) represent year-on-year changes.
2) Negative figures represent increases in reserve assets.
