The Bank of Korea on Nov. 7 said tentative data on the country's international balance of payments last month found a current account surplus of USD 11.12 billion in September. (Incheon Port Authority)
By Park Hye Ri
Last month's current account balance posted a surplus of USD 11.12 billion thanks to strong exports of semiconductors and cars.
The Bank of Korea on Nov. 7 said this in releasing tentative data on the country's international balance of payments in September, which finished in the black for the fifth straight month and achieved its third-highest figure for the month.
Exports last month on a customs-clearance basis jumped 9.9% year on year to USD 61.67 billion thanks to growth of 36.7% in semiconductors and 30.4% in information and communications technology devices.
Such shipments saw brisk growth in the leading markets of Southeast Asia (16.2%), China (6.3%), the European Union (5.1%) and U.S. (3.4%).
September imports rose 4.9% to USD 51 billion due to growth in imports of chip manufacturing equipment (62.1%) and precious metals and jewelry (47.8%). The rise in exports (9.9%) was nearly double that of imports, so the goods account balance, or the gap between exports and imports, saw a surplus of USD 10.67 billion.
The service account suffered a loss of USD 2.24 billion as the royalty balance of intellectual property rights plummeted from USD 100 million in the black to USD 660 million in the red.
The financial account, which reflects capital inflows and outflows, saw net outflow of USD 12.68 billion. Overseas investment by nationals grew USD 2.47 billion while foreign investment in the country rose USD 1.44 billion.
