Korea, Republic of (ROK) - Balance of payments





Robust export performance turned the ROK's overall balance of payments deficit into a $1.7 billion surplus in 1986, which grew to $12.1 billion in 1988. Since then, the balance of payments surplus has declined; in 1990, the balance of payments had a deficit of $274 million because of declining exports, rising imports, and a current account deficit. Over the long term, growth in exports will depend on industry's efforts to regain competitiveness lost through wage increases, labor unrest, and exchange rate changes. The deficit grew to over 4% of GDP in 1996, before subsiding in 1997 due to a shrinking currency base.

At the end of 1998, South Korea had $20.2 billion in net outstanding loans, but by the end of 1999, it had become a net creditor. By the end of April 2001, $33.3 billion in outstanding loans were owed the country.

The US Central Intelligence Agency (CIA) reports that in 2002 the purchasing power parity of South Korea's exports was $159.2 billion while imports totaled $146.6 billion resulting in a trade surplus of $12.6 billion.

The International Monetary Fund (IMF) reports that in 2001 South Korea had exports of goods totaling $151.4 billion and imports totaling $138 billion. The services credit totaled $29.6 billion and debit $33.1 billion. The following table summarizes South Korea's balance of payments as reported by the IMF for 2001 in millions of US dollars.

Korea, Republic of (ROK)

Current Account 8,617
Balance on goods 13,392
Balance on services -3,527
Balance on income -886
Current transfers -363
Capital Account -443
Financial Account 2,543
Direct investment abroad -2,600
Direct investment in South Korea 3,198
Portfolio investment assets -5,499
Portfolio investment liabilities 11,856
Other investment assets 7,458
Other investment liabilities -11,764
Net Errors and Omissions -2,698
Reserves and Related Items -13,416

User Contributions:

vernice
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Oct 9, 2008 @ 8:20 pm
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Jun 27, 2011 @ 5:05 am
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Oct 1, 2011 @ 11:11 am
Relationship between nigeria and south korea interms of balance of trade and balance of payment
Kirito Asuna
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Jan 14, 2013 @ 11:23 pm
Where i can get a full Balancce of Payment south korea from 2000-2012 free? Can you give me link?
Namita
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Feb 27, 2013 @ 11:23 pm
Bop of south Korea has any implication on trade with India?

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