2024-04-07 11:49:54
February 6.8 billion dollars… Surplus width double that of the previous month
Pay attention to whether the annual surplus forecast will be raised.
As semiconductor exports increased significantly, the current account balance continued to be in surplus for 10 consecutive months. There is also a possibility that the size of the annual current account surplus may be adjusted upward due to the faster-than-expected recovery of the semiconductor industry.
According to the ‘balance of payments’ (provisional) announced by the Bank of Korea on the 5th, the current account surplus in February was calculated to be $6.8583 billion (about 9.2744 trillion won). Since turning into a surplus in May of last year, it has continued to be in surplus for 10 consecutive months. The size of the surplus also more than doubled from January of this year ($3.0457 billion), making it the third largest in history as of February.
Exports last month amounted to $52.162 billion, up 3% from a year ago. In comparison, imports (USD 45,554.1 million) decreased by 12.2%, resulting in a surplus of USD 6,607.9 million in the merchandise balance.
Last month, the service balance deficit was reduced to $1.773 billion, while the main income balance surplus related to wages, dividends, and interest was $2.439.5 billion.
Last month, semiconductor exports increased significantly, driving the current account surplus. The increase in semiconductor exports based on customs clearance was 63.0%, the largest in 6 years and 2 months since December 2017 (67.6%). Semiconductor exports have continued to grow by double digits for four consecutive months from November last year to February this year. However, chemical products (-8.9%), steel products (-8.8%), and passenger cars (-8.2%) fell.
This year’s current account surplus is growing rapidly due to the recovery in semiconductor exports that exceeded expectations.
The current account surplus from January to February this year was $9.904 billion, reaching more than half of the Bank of Korea’s forecast for the first half of this year (January to June) ($19.8 billion) in just two months. The Bank of Korea assessed that the current account balance is improving faster than initially expected. Song Jae-chang, head of the Bank of Korea’s financial statistics department, said, “Semiconductors are driving the expansion of the current account surplus,” and added, “The price of memory semiconductors is rising and demand from downstream industries such as information technology (IT) is solid, so the (upward) trend will continue for the time being.” He said.
However, the Bank of Korea stated that it is necessary to wait a little longer to see whether the forecast will be raised, as the increase in income due to the recent rise in international oil prices and overseas dividends of domestic companies are expected to affect the current account balance in March to May.
Reporter Lee Dong-hoon [email protected]
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2024-04-07 11:49:54