South Korea Has $0.62 Billion Current Account Deficit

South Korea posted a current account deficit of $0.62 billion in November, the Bank of Korea said on Tuesday – following the $0.883 billion surplus in October.

The goods account recorded a $1.57 billion deficit, down from the $6.07 billion surplus one year earlier.

The services account deficit increased from $0.27 billion one year earlier to $0.34 billion in November 2022, owing to a decrease in the transport account surplus.

The primary income account surplus increased from $1.17 billion last year to $1.43 billion in November 2022, in line with an increase in the income on equity.

The secondary income account saw a $0.14 billion deficit.

Looking at the financial account, net assets increased by $1.85 billion during November 2022.

Direct investment assets increased by $3.24 billion and direct investment liabilities increased by $0.55 billion.

There was a $4.08 billion increase in portfolio investment assets during the month and a $1.49 billion increase in portfolio investment liabilities.

Financial derivatives posted a net increase of $0.47 billion.

In terms of other investments, there was a decrease of $0.98 billion in assets and an increase of $1.26 billion in liabilities.

Reserve assets decreased by $1.64 billion.