Text Version
RSS Feeds
Newsletter
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  SERVICES
  -Text Version
  -RSS Feeds
  -Newsletter
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
 -
 -
S Korea's current account switches back to deficit in January
+ -
15:35, February 27, 2009

Click the "PLAY" button and listen. Do you like the online audio service here?
Good, I like it
Just so so
I don't like it
No interest
 Related News
 S Korean companies see grim outlook for March
 S Korean gov't to increase financial support for public construction
 S Korea's top 30 conglomerates to cut salaries for college graduates
 S Korea's central bank lends $4 bln to local banks
 S Korea denies possibility of financial crisis
 Comment  Tell A Friend
 Print Format  Save Article
South Korea's current account posted a switch to negative territory in January, first in four months, with exports hard struck by global trade contraction, the Bank of Korea (BOK) said Friday.

The current account deficit logged 1.36 billion U.S. dollars in January, in contrast with a surplus worth 860.8 million U.S. dollars the previous month, according to a report by the BOK.

South Korea's current account measures good, service, and capital flows into and out of the country, and had been marking a 3-month consecutive surplus since last October.

The BOK attributed January's deficit to a sharp drop in global demand for South Korean goods.

According to the report, the goods balance posted a deficit of 1.46 billion U.S. dollars in January, compared with a 1.5 billion U.S. dollar surplus the previous month, with plunging overseas demand and shorter working days due to the Lunar New Year holiday.

Meanwhile, the service account marked a 708.5 million U.S. dollar deficit in January, recovering from its earlier deficit of 1.52 billion dollars last December, as the local currency's depreciation resulted in a trade-account surplus.

The capital account also posted a net surplus of 4.86 billion U.S. dollars in January, the first net inflow in five months thanks to banks' overseas funding.

Analysts belittled the current account's fall to deficit, pointing to seasonal factors as the main cause since the country usually sees a small current account surplus or a shortfall in the first quarter for seasonal reasons.

South Korea's Knowledge Economy Minister Lee Youn-ho said Thursday that South Korea's trade surplus is to hit 3 billion U.S dollars in February largely due to a sharp drop in imports.

Source: Xinhua



  Your Message:   Most Commented:
British boy becomes father at 13 
Satellite collision reflects necessity for int'l laws: Russian expert
China-made electric cars to enter US market
Survey on two sessions
U.S. Secretary of State Hillary Clinton arrives in Beijing for China visit

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved

http://english.people.com.cn/90001/90778/90858/90863/6602777.pdf