S. Korea posts 8.99 bln USD in current account surplus in November

South Korea posted 8.99 billion U.S. dollars in current account surplus in November due to the first exports growth in about two and a half years, central bank data showed on Wednesday.

The current account balance stayed in black for 57 months since March 2012. The November figure was up 0.27 billion dollars from the previous month, according to the Bank of Korea (BOK).

Trade surplus for goods increased from 9.83 billion dollars in October to 10.52 billion dollars in November thanks to a rise in exports, which account for about half of the export-driven economy.

The overseas shipments expanded 7.7 percent over the year to 46.46 billion dollars in November, marking the first expansion in 29 months since June 2014. Imports advanced 10.6 percent to 35.94 billion dollars.

By item, exports of general and precision machineries jumped 20.8 percent, with those for fire-processed products and steels logging a double-digit growth. Chip exports advanced 11.5 percent, leading the overall expansion.

Deficit in the services account increased from 1.59 billion dollars in October to 1.74 billion in November due to a rise in the travel account deficit from 500 million dollars to 750 million dollars.

Primary income account, which gauges investment and interest incomes as well as salary, was a surplus of 440 million dollars in November.

Financial account, which measures cross-border capital flow without transactions in goods and services, registered an outflow of 8.9 billion dollars.

Overseas direct investment by local residents grew 2.1 billion dollars, while foreigners invested 1.44 billion dollars in South Korea.

Portfolio investment, which includes stock and bond transactions, recorded an outflow of 6.97 billion dollars. Local investment into foreign securities jumped 4.28 billion dollars on higher U.S. interest rates, but foreign investment into local securities reduced 2.69 billion dollars. Endit