The October present account surplus decreased to just about half of the earlier month attributable to non permanent components such because the lengthy Chuseok vacation.
Based on the Financial institution of Korea’s stability of funds (preliminary) report launched on Dec. 5, the October present account surplus was recorded at $6.81 billion, a big lower from the earlier month ($13.47 billion).
The products stability recorded a surplus of $7.82 billion.
Customs-based exports totaled $59.51 billion, a rise of three.5% in comparison with the identical month final yr. This was pushed by continued progress in semiconductor and ship exports.
Semiconductor exports elevated 25.2% in comparison with the identical month final yr, whereas ships elevated 135.8%. Residence home equipment decreased 21.4% in comparison with the identical month final yr, and car elements decreased 21.0%.
Whereas the decline in exports to the US continued, exports to the EU and Japan additionally turned to decreases.
Customs-based imports totaled $53.51 billion, a lower of 1.5% in comparison with the identical month final yr. Whereas client items imports continued to extend, uncooked supplies and capital items imports turned to decreases.
The companies stability recorded a deficit of $3.75 billion, led by journey and different enterprise companies. As a result of Chuseok prolonged vacation interval, the variety of outbound vacationers elevated, and laptop service funds resembling software program utilization charges for semiconductor gear additionally elevated, resulting in a bigger deficit in comparison with the earlier month.
The first earnings stability recorded a surplus of $2.94 billion, with the dividend earnings stability accounting for $2.29 billion.
The monetary account confirmed a internet asset enhance of $6.81 billion, a smaller enhance in comparison with the earlier month.
Home residents’ abroad securities funding elevated by $17.27 billion. Inventory funding elevated to $18.04 billion, greater than doubling from the earlier month. This was influenced by favorable funding sentiment within the U.S. inventory market. Bond (debt securities) funding decreased by $760 million, turning to a decline. International funding in home markets elevated by $5.2 billion.
Home residents’ abroad direct funding elevated by $1.88 billion, whereas overseas direct funding in Korea elevated by $150 million.
Different funding confirmed property lowering by $10.57 billion, turning from a rise of $11.11 billion within the earlier month. Liabilities elevated by $4.22 billion, pushed by borrowing. Reserve property elevated by $6.67 billion.
