28 nov.: Korea Finance Corp: To Extend Due-Diligence Period for Korea Aero..
28 nov.: China to Adopt Tight Fiscal Policy, Loose Monetary Policy in 2013..
28/11/2012 03:41:00

UPDATE: South Korea October Current-Account Surplus Narrows; Beats Full-Year Goal

--Surplus in October narrows from September's on increased imports

--Surplus will continue in the coming months, lending further support for the won

--Bank of Korea expects full-year surplus to come well above its forecast of $34 billion

(Adds BOK official's outlook for November and the entire year in the sixth-eighth paragraphs and analyst comment the 12th paragraph.)

By In-Soo Nam

SEOUL--South Korea's current-account surplus narrowed slightly in October from the previous month, but for the first 10 months of the year the surplus surpassed the Bank of Korea's full-year forecast, lending further support for the won--one of the best performers in Asia this year.

The current-account surplus, the broadest measure of South Korea's trade with the rest of the world, totaled $5.82 billion last month, according to central bank data released Wednesday. In September, the country ran a surplus of $5.91 billion, its second-largest on record.

On a seasonally adjusted basis, the current-account surplus widened to $4.42 billion in October from $3.75 billion in the prior month.

The current-account balance remained in the black for the ninth consecutive month for South Korea, which last posted a deficit in January.

South Korea--Asia's fourth-largest economy--has steadily posted a handsome current account surplus every month in the face of external headwinds. In the first 10 months of the year the country ran a surplus of $34.1 billion, surpassing the BOK's full-year forecast of $34 billion, which was revised up last month from an earlier surplus projection of $20 billion.

The central bank expects the country to continue to run a similar surplus in November, bringing the full-year total to well above its forecast.

"The surplus trend is likely to continue for November on the back of growing exports of petrochemical goods and telecommunications products," Yang Jae-ryong, director of the BOK's statistics division, said at a media briefing.

Mr. Yang said exports seemed to recover after remaining weak in the second and third quarters due to a high comparison base last year, when exports got a boost in the aftermath of Japan's earthquake and tsunami.

Backed by continued current-account surpluses and heavy foreign fund inflows, the Korean won has risen about 9% against the dollar from this year's low level in May, prompting the government to take action to slow the pace of won gains.

South Korea's financial authorities Tuesday announced lower ceilings on banks' foreign exchange forward positions, in a bid to rein in the currency as its strength threatens to hurt the nation's critical export industry and attract potentially destabilizing capital inflows. The government warned it could take additional measures if hot money continues to flow into its markets.

Analysts said such moves won't likely reverse the won's upward march because the Korean currency remains undervalued compared with Asian peers such as the yen.

"Cold money inflows--next exports--will exert appreciation pressure for the won. We forecast cold money driving the won-dollar exchange rate to 1,055 by mid-2013," said ING economist Tim Condon.

The won advanced to 1,084.70 early Wednesday, from 1,084.10 late the previous day.

The BOK's data Wednesday showed the goods account had a surplus of $5.21 billion in October, narrower than September's $5.49 billion surplus, weighed by increased imports of capital goods such as machinery and electronics components.

"A pickup in imports of capital goods can be seen as an indicator that investment is recovering," said Mr. Yang at the BOK.

Write to In-Soo Nam at in-soo.nam@dowjones.com

(END) Dow Jones Newswires

November 27, 2012 21:41 ET (02:41 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

28 nov.: Korea Finance Corp: To Extend Due-Diligence Period for Korea Aero..
28 nov.: China to Adopt Tight Fiscal Policy, Loose Monetary Policy in 2013..

Envoyer un commentaire

Related debate

  • 1 semaine
  • 1 mois
  • 1 an
15 avr.
GEN
Beklager Drama .. jeg orker simpelthen ikke dit barnlige og løgnagtige pjat. Men at starte en ny trå..
19
12 avr.
 
Der var økonomisk topmøde i Washington D.C. i denne uge. Her blev diskuteret en del økonomiske probl..
15
16 avr.
TOPO
Jeg ser et par forskellige dynamikker udspille sig:   1) Hvad er fusionspartneren, Bioalliance, reel..
14
13 avr.
OMXC20
Når man har købt en aktie vil man gerne se den stige. Helst straks. Gør den ikke det sniger tvivlen ..
14
13 avr.
OMXCPI
Ja, risiko for borgerkrig i Ukraine. Sådan går det med stater, der mangler sammenhængskraft og hvor ..
13
14 avr.
VELO
Det er ikke en gåde. På mødet i marts fik Veloxis de obligatoriske 180 dages spørgsmål. I det sekund..
10
16 avr.
VWS
Vestas får jo ordrer på 13-14% af alle verden vindmølleprojekter, så alene derfor kan det jo ikke væ..
9
18 avr.
VWS
Der har ikke været skrevet meget om hvad det nye MHI Vestas JV vil i Kina. Det har været nævnt kort ..
8
14 avr.
 
Bølgerne har tidligere herinde gået højt om det efter nogles menings ligegyldige (worst case: ødelæg..
8
14 avr.
FING-B
Sæt Jer nu ind i sagen - både din kone + dig selv, XO / keep-it../div. nicks.   Dagens udmelding fal..
8

Actualité la plus lue

  • 24 heures
  • 48 heures
  • 1 semaine
1
CORRECTION:NUMERICABLE GROUP : LANCEMENT D'UNE EMISSION OBLIGATAIRE DESTINEE A FINANCER EN PARTIE L'ACQUISITION DE SFR
2
EDF : EDF et Datang vont construire et exploiter une centrale à charbon ultra-supercritique de 2000 MW en Chine
3
Foncière Paris Nord : Communiqué de presse des résultats au 31.12.2013
4
LOCINDUS : AVIS DE MISE A DISPOSITION DU RAPPORT FINANCIER ANNUEL 2013
5
Sogeclair : Mise à disposition du Document de Référence 2013 et des documents préparatoires à l'AGO du 16 mai 2014
Euroinvestor dans le monde entier: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.com | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Droit d'auteur Euroinvestor A/S 2014   Mentions légales et conditions d'utilisation
Information sur les cours fournies par Interactive Data.
Les données sont différées de 15 à 20 minutes selon les accords avec les différentes bourses internationales.
 
samedi 19 avril 2014 02:47:53
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20140324.1 - EUROWEB5 - 2014-04-19 02:47:53 - 2014-04-19 02:47:53 - 4 - Website: OKAY