S Korea current account surplus hits new high in July; exports dip

29 August 2012 07:49  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s current account surplus rose to a new record of $5.1bn (€4.08bn) in July as imports fell at a higher pace than exports, official data showed on Wednesday.

The current account surplus in July rose from a revised $5.88bn in June this year, according to the Bank of Korea (BOK).

The previous record was set in June this year, according to BOK data.

Current account measures an economy’s trade in goods, services, tourism and investment with the rest of the world.

South Korea’s current account balance has remained in the black for the sixth straight month in July.

The country’s overall exports fell 4.1% year on year to $46.6bn in July, while imports were down 5.8% at $41.3bn, according to the BOK.

This resulted in a goods balance surplus of $5.3bn in July, an increase from a revised $5.05bn in June this year, it said.

Meanwhile, the country’s exports of petrochemicals slumped by 22.3% year on year to $3.2bn in July, according to an earlier report by the Ministry of Knowledge Economy.

On a year-on-year basis, South Korea’s export volumes of most key petrochemical dipped in July, with shipments of purified terephthalic acid (PTA) down by 10.8%, according to data by the Korea International Trade Association (KITA). (please see table below)

Exports of paraxylene (PX) dipped by 7.62% year on year to 162,092 tonnes, while shipments of vinyl acetate monomer is down by 34.3% at 4,629 tonnes, the data showed.

EXPORTS (in metric tonnes)

 

 

 

 

PRODUCT

July '12

July '11

YoY Difference

% Change YoY

Ethylene

105,217

70,785

34,432

48.64

Benzene

137,943

123,219

14,724

11.95

Polypropylene

102,425

96,500

5,925

6.14

Polyethylene

122,953

92,141

30,812

33.44

LLDPE

54,239

59,040

-4,801

-8.13

LDPE

24,080

34,053

-9,973

-29.29

HDPE

122,953

92,141

30,812

33.44

Toluene

92,228

61,264

30,964

50.54

Propylene

84,566

89,627

-5,061

-5.65

Butadiene Rubber

30,796

31,767

-971

-3.06

Buta-1,3-diene and isoprene

28,613

30,149

-1,536

-5.09

Styrene

105,888

110,618

-4,730

-4.28

Paraxylene

162,092

175,463

-13,371

-7.62

PET

72,589

70,372

2,217

3.15

Mixed Xylene Isomers

46,429

13,576

32,853

241.99

PTA

268,185

300,504

-32,319

-10.75

MMA

242

1,059

-817

-77.15

PMMA

9,492

7,948

1,544

19.43

Orthoxylene

10,941

7,753

3,188

41.12

Expansible polystyrene

11,773

12,988

-1,215

-9.35

Acrylonitrile

16,942

15,441

1,501

9.72

Polycarbonate

40,779

34,451

6,328

18.37

Ethyl Acetate

1,292

65

1,227

1,887.69

Vinyl Acetate Monomer

4,629

7,042

-2,413

-34.27

Paraffin Wax (slack wax and scale wax)

650

537

113

21.04

P-wax with less than 0.75%

49

66

-17

-25.76

PVC (not mixed with other substances)

58,370

62,241

-3,871

-6.22

PVC (non-plasticised)

149

132

17

12.88

PVC (plasticised)

2,422

1,655

767

46.34

PVC (In aqueous dispersion)

55

35

20

57.14

($1 = €0.80)


By: Nurluqman Suratman



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