The current account of South Korea recorded a surplus for the 81st consecutive month last November.
However, the surplus fell to its lowest level in seven months … due to the slowdown in export growth.
Report by Ko Roon-hee.
The current account of South Korea, which records the nation's transactions with the rest of the world, including its trade in goods and services, has now registered a monthly and monthly surplus for almost seven years.
In November, the size of the surplus slipped to its lowest level since April 2018.
According to the Bank of Korea, the current account recorded a surplus of nearly $ 1 billion in November … against 7 before. -point-4 billion a year earlier.
The central bank attributed these lower figures to a smaller surplus in the goods account, due mainly to slower growth in exports.
The goods account showed a surplus of about $ 8 billion … down from eleven decimal five in November 2017.
Exports slightly increased by half a percent in November, mainly due to lower prices for semiconductors.
Analysts say demand is down, as many data centers around the world have postponed semiconductor purchases.
These centers refer to centralized locations where computer and network equipment is concentrated to store or process large amounts of data.
Another reason is the slowing growth in the volume of world trade.
According to forecasts from the World Trade Organization in September, global trade growth for last year would drop to three points nine percent, … a slowdown from the four-point seven for percent recorded in 2017.
Analysts say the ongoing trade war between the US and China is hurting global trade.
An economic expert painted a dark picture of Korean exports this year.
"In 2019, world economic growth is expected to slow down, demand … and negatively affect Korean exports.In fact, Korean export growth is expected to slow this year."
Service Account Deficit fell to about two points three billion dollars on a deficit of three points. three billion a year earlier.
This was due to an improvement in the travel account … while South Korea saw an increase in the number of visitors from China and Japan.
Ko Roon-hee, Arirang News.