South Korea saw a current account surplus of $5.05 billion in
November, the Bank of Korea said on Thursday - remaining in the
black for the 21st consecutive month. That follows the October
current account surplus of $4.23 billion and also represents a
one-year high total. For the first 11 months of the year, the
current account has a surplus of $24.18 billion, easily surpassing
the central bank's projection of $15.5 billion for all of 2011. The
goods account surplus widened to $4.49 billion from October's $3.55
billion due to favorable exports, notably those of petroleum
products and passenger cars, the bureau said. The services account
registered a $0.36 billion dollar surplus, as the construction
service account surplus increased substantially. The primary income
account surplus narrowed from $0.64 billion in the previous month
to $0.45 billion owing to decreased interest payments. The
secondary income account deficit widened from $0.06 billion in
October to $0.24 billion. The financial account registered a net
outflow of $6.63 billion, up from $4.50 billion in October. Direct
investment recorded a net outflow of $2.08 billion, up from $1.13
billion in October, owing mostly to an increase in outward
investment. Portfolio investment decreased to a net inflow of $0.04
billion, from $3.92 billion in the previous month as, despite the
continued inflows of debt securities investment funds foreign
investors' investment in equity securities shifted to a net
outflow. Financial derivatives posted a net outflow of $0.38
billion. Other investment shifted from a net inflow of $2.78
billion the previous month to a net outflow of $0.35 billion, due
mostly to domestic banks' repayments of their short-term
borrowings. Reserve assets increased by $3.87 billion in November.
The capital account posted a $0.10 billion dollar surplus. The
material has been provided by Instaforex Company -
instaforex.com
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