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Sorry, please use a different browser. Closing Current account surplus for 11 months due to boom in shipbuilding and semiconductors
[앵커]
The current account balance, which is an indicator of international trade performance, continued to be in surplus for 11 consecutive months.
While export recovery continued, focused on shipbuilding and semiconductors, imports of raw materials fell due to a drop in energy prices.
Contact an investigative reporter to learn more.
Reporter Hyungmin Moon.
[기자]
Yes, the provisional current account balance for last March calculated by the Bank of Korea was $6.93 billion, or 9.4663 trillion won in Korean currency.
The surplus has continued for 11 consecutive months since May last year, and the surplus has been growing steadily this year, following $3.05 billion in January and $6.86 billion in February.
The merchandise balance, which accounts for most of the current account, recorded a surplus of $8.09 billion.
Exports increased by 3% compared to a year ago and continued to increase for six consecutive months.
By item, ship exports increased by 107.2%, semiconductors by 34.5%, and home appliances by 14.3%.
However, passenger car exports fell by 5.7%, showing a decline for the second consecutive month.
By region, exports to Japan and the Middle East decreased by 12% and 15.2%, respectively, but exports to the United States and Central and South America increased by more than 10%, and exports to China and South- east asia too.
Imports in March totaled $50.18 billion, down 13.1% compared to the same month a year ago.
Imports of raw materials, capital goods, and consumer goods all fell due to falling energy prices and sluggish domestic demand.
In the case of the balance of services, there was a deficit of $2.43 billion.
Among these, the travel balance showed a deficit of $1.07 billion, but the deficit narrowed compared to the previous month due to an increase in foreign tourists and a decrease in foreign domestic travel.
The main income balance, which subtracts the money earned by foreigners in Korea from the money earned by Korean citizens abroad, had a surplus of $1.83 billion, but the size of the surplus decreased compared to the previous month as interest income falls.
So far, we have received information from the Bank of Korea. (moonbro@yna.co.kr)
# Current Account Balance #Commodity Balance #Exports #Imports
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