S Korea Jan current account surplus widens to $2.25bn

27 February 2013 03:04  [Source: ICIS news]

SINGAPORE (ICIS)--South Korea’s current account surplus widened to $2.25bn (€1.73bn) in January this year on the back of higher exports of goods and services including petrochemical products, the Bank of Korea (BOK) said on Wednesday.

The surplus in January was 5.14% higher than the revised current account surplus of $2.14bn in December, it said in a statement.

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

The gain in January marks the 12th consecutive month of a current account surplus for South Korea.

On a year-on-year basis, the country’s overall exports rose by 13.9% to $ 47.1 bn in January, boosted by strong demand for its telecommunications and petroleum products.

South Korea’s total imports was up by 3.6% at $ 44.6bn in January, resulting in a goods surplus of $2.6bn, compared with the revised $ 1.92bn gain in the previous month.  

Overseas shipments of petrochemicals rose by 17.8% year on year to $4.2bn in January this year, while exports of petroleum products was up by 11.7% at $4.9bn, according to an earlier report by the Ministry of Knowledge Economy (MKE).

South Korea’s exports of ethylene rose by 43.6% year on year to 114,439 tonnes in January, while shipments of propylene was up by 11.9% at 97,474 tonnes, according to data by the Korea International Trade Association (KITA). (please see table below)

Shipments of paraxylene (PX) rose by 42.8% year on year to 231,125 tonnes, while exports of benzene slipped by 10.2% to 109,478 tonnes,  the KITA data showed.

EXPORTS (in metric tonnes)

PRODUCT

January '13

January '12

YoY Difference

% Change YoY

Ethylene

114,439

79,694

34,745

43.60

Benzene

109,478

121,902

12,424

10.19

Polypropylene

103,869

78,782

25,087

31.84

Polyethylene

124,305

90,509

33,796

37.34

LLDPE

47,217

33,540

13,677

40.78

LDPE

23,316

26,836

3,520

13.12

HDPE

124,305

90,509

33,796

37.34

Toluene

81,541

97,337

15,796

16.23

Propylene

97,474

87,080

10,394

11.94

Butadiene Rubber

29,943

31,073

1,130

3.64

Buta-1,3-diene and isoprene

25,270

20,633

4,637

22.47

Styrene

118,410

110,756

7,654

6.91

Paraxylene

231,125

161,874

69,251

42.78

PET

43,978

70,003

26,025

37.18

Mixed Xylene Isomers

46,137

42,236

3,901

9.24

PTA

263,678

299,078

35,400

11.84

MMA

114

3,092

2,978

96.31

PMMA

9,567

8,833

734

8.31

Orthoxylene

5,816

11,507

5,691

49.46

Expansible polystyrene

13,295

11,588

1,707

14.73

Acrylonitrile

13,453

20,747

7,294

35.16

Polycarbonate

42,113

33,081

9,032

27.30

Ethyl Acetate

1,113

1,514

401

26.49

Vinyl Acetate Monomer

3,456

6,262

2,806

44.81

Paraffin Wax (slack wax and scale wax)

395

487

92

18.89

P-wax with less than 0.75%

140

82

58

70.73

PVC (not mixed with other substances)

75,628

49,276

26,352

53.48

PVC (non-plasticised)

26

28

2

7.14

PVC (plasticised)

1,927

1,785

142

7.96

PVC (In aqueous dispersion)

14

23

9

39.13

($1 = €0.77)


By: Nurluqman Suratman



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