Posted October. 27, 2000 20:47,
Despite unfavorable factors such as high oil prices and slower economic growth, the nation¡¯s current account surplus hit a record high for this year in September. On the contrary, the capital account balance reversed to net outflow, ending an upswing trend sustained for one year, mainly due to an increase in the draining of foreign stock investments.
According to a report on "the provisional current account balance trend in September" released Friday by the Bank of Korea, the current account surplus for the month recorded US$1.82 billion, the highest figure so far this year, largely boosted by favorable trends such as the commodity account surplus, which registered US$2.17 billion. Consequently, as the accumulated current surplus during the Jan.-to-Sep. period amounted to US$7.73 billion, the current account surplus target of US$9 billion for this year can likely be achieved.
Meanwhile, commodity exports in September recorded US$15.24 billion, propelled by an over-50% gain, year-on-year, in exports of electronic products and components such as semiconductors. Exports of passenger cars also rose by 36.5% from a year earlier, boosting total exports. On the import front, imports of raw materials soared 31.5% from the previous year, hit by sustained high oil prices. But in line with weakened imports of consumer goods, commodity imports in September saw a decline of 15.1% from the preceding month. The commodity account surplus of US$2.17 billion in September is the highest since October last year.
"Despite sustained high international oil prices, the current account balance recorded the largest surplus so far this year, primarily boosted by continued upward trends in exports of major products like semiconductors," said Chung Jung-Ho, head of the BOK's Economic Statistics Department, ¡°Although semiconductor prices are on the decline, export quantities are constantly increasing.¡±