SKorean current account surplus widens in June on brisk exports - UPDATE 2 |
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Fri, 27 Jul 2007 01:54
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SEOUL (Thomson Financial) - South Korea's current account surplus widened in June because of brisk exports of ships, machinery and information technology products, according to preliminary data released Friday by the Bank of Korea.It was the biggest surplus since the 4.24 billion-dollar surplus last November.The current account was in surplus by 1.47 billion US dollars in June, staying in the black for the second month in a row. It showed a surplus of 839.1 million dollars in May, having been in deficit by 2.08 billion dollars in April.The current account is the broadest measure of trade, covering the flow of goods, services and money across borders.The senior manager of the central bank's balance-of-payments statistics team, Jeong Sam-Yong, remarked: 'The July current account will likely manage to post a surplus, given the strong export figures.'There are usually wider deficits in the services account in July and August, when many Koreans travel abroad.Seasonally adjusted, the current account was in surplus by 694.2 million dollars in June, having been in surplus by a revised 512.0 million dollars in May.For the first half, the current account showed a deficit of 1.43 billion dollars, more than the deficit of 426.4 million dollars a year earlier.The central bank expects the current account surplus to be 2.0 billion dollars in 2007. In 2006, the current account was in surplus by 6.09 billion dollars.The surplus in merchandise trade, the biggest component of the current account, widened to 3.41 billion dollars in June from 2.24 billion dollars in May on a free-on-board basis.Customs-cleared exports were worth 32.21 billion dollars in June, 15.3 percent more than a year before, as manufacturers shipped more semiconductors, communication devices, ships and petroleum products.Customs-cleared imports were worth 28.45 billion dollars in June, 9.3 percent more than a year before, largely because of demand for raw materials.The income account, which tracks interest payments, investment income and wages, was in deficit by 3.2 million dollars in June because of dividend payments by South Korean companies with a financial year that ends in March. The income account showed a surplus of 461.6 million dollars in May.saeromi.shin@thomson.comsss/jm/sss/jmCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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SKorean current account surplus widens in June on brisk exports - UPDATE 