Скачать или смотреть Another current account surplus in Sept.; Will S. Korea continue trend?

반도체 등 수출 호조에 9월 경상수지 111억달러 흑자… 향후 전망은?

Korea's current account balance remained in the black for the fifth month in a row in September bolstered by global demand for chips and cars.
Our Park Kun-woo covers the latest findings.

Favorable exports of IT products resulted in a bigger surplus for South Korea.

Data from the Bank of Korea on Thursday showed that South Korea's current account balance in September recorded a surplus of over 11-point-1 billion U.S. dollars.

This is the fifth straight month that the country has been in the black.
September saw the largest surplus in three months at almost double that of August.

The goods account – which tracks exports and imports of products – logged a surplus and recorded an 18th straight month in the black.

Exports in September rose by nearly 10 percent year-on-year, amounting to over 61-point-6 billion dollars, while imports recorded 51 billion dollars, resulting in a surplus of around 10-point-6 billion dollars.

Booming shipments of chips and ICT devices were a major factor, both jumping by over 30 percent year-on-year.

"The semiconductor industry is expected to remain in a growth phase until the first half of 2025. Still, we need to wait and see as competition between regions is intensifying."

Shipments of automobiles also soared more than six percent.
Hyundai Motor Group, the world's third-largest auto seller, even reported operating profits that outpaced that of the second-largest Volkswagen Group in the third quarter.

Amid concerns rising that trade conditions could get worse if President-elect Donald Trump raises tariffs after returning to the White House, one expert has a somewhat brighter prospect.

"Trump is putting tariffs on everybody not just Korea so everybody will have the same problem. I'm not sure if Korea's exports of semiconductors to the United States will fall by very much because right now the United States has very few semiconductor production facilities especially for memory chips.

Saying the lack of facilities will not be able to satisfy U.S. companies, he noted that Korea will be able to maintain high exports at least for a year or two, although this might depend on AI demands.

Park Kun-woo, Arirang News.

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2024-11-07, 17:00 (KST)