South Korea's current account recorded a deficit in March for the fourth month but the shortfall narrowed sharply on strong exports and reduced spending on overseas travel, the central bank said on Wednesday.
The deficit was 53.7 million dollars in March compared with a 2.35 billion dollar shortfall in February, the Bank of Korea said in a report.
South Korea's current account balance swung into the red in December, with the January deficit hitting an 11-year high.
The current account is the broadest measure of trade, service and investment flows into and out of the country.
The trade balance moved into the black in March at 531.4 million dollars, compared with a 599 million deficit in February, as export growth picked up.
The deficit in the service account, which includes South Korean spending on overseas trips, narrowed to 679.5 million dollars in March, from a 2.25 billion dollar deficit a month earlier, as people cut spending on foreign travel.
The income account, which records wages for foreign workers and dividend payments overseas, registered a surplus of 219.4 million dollars last month, down from 701 million in February, as dividend payments by Korean companies to offshore investors rose.
The central bank has predicted that the annual current account shortfall may hover above its initial forecast of three billion dollars, which would be the first deficit since 1997, amid surging raw material prices.
The price of Dubai crude oil jumped 64 percent in March compared with a year earlier. South Korea, the world's fifth-largest crude buyer, relies entirely on imports for its oil needs.
The deficit was 53.7 million dollars in March compared with a 2.35 billion dollar shortfall in February, the Bank of Korea said in a report.
South Korea's current account balance swung into the red in December, with the January deficit hitting an 11-year high.
The current account is the broadest measure of trade, service and investment flows into and out of the country.
The trade balance moved into the black in March at 531.4 million dollars, compared with a 599 million deficit in February, as export growth picked up.
The deficit in the service account, which includes South Korean spending on overseas trips, narrowed to 679.5 million dollars in March, from a 2.25 billion dollar deficit a month earlier, as people cut spending on foreign travel.
The income account, which records wages for foreign workers and dividend payments overseas, registered a surplus of 219.4 million dollars last month, down from 701 million in February, as dividend payments by Korean companies to offshore investors rose.
The central bank has predicted that the annual current account shortfall may hover above its initial forecast of three billion dollars, which would be the first deficit since 1997, amid surging raw material prices.
The price of Dubai crude oil jumped 64 percent in March compared with a year earlier. South Korea, the world's fifth-largest crude buyer, relies entirely on imports for its oil needs.
Posts
No comments:
Post a Comment