Containers are stacked high at Busan New Port's Pier 3 in Busan. (Busan Port Authority)

By Kim Hyelin

The current account balance in September saw its 29th straight month of surplus thanks to strong exports of semiconductors and cars.

The Bank of Korea on Nov. 6 released tentative data on September's balance of payments saying the black figure reached USD 13.47 billion (KRW 19.4 trillion), up from USD 9.15 billion in August and USD 11.29 billion in September last year. The figure was the second-largest monthly surplus and a record high for September.

The cumulative surplus in the first three quarters of the year was USD 82.77 billion, up 23% from USD 67.23 billion from the same period last year.

By item, the trade balance (exports minus imports) saw a surplus of USD 14.24 billion, the second biggest for September since USD 14.52 billion in 2017. Exports rose 9.6% over the period to USD 67.27 billion and imports 4.5% to USD 53.02 billion.

Based on customs clearance data, exports of semiconductors rose 22.1%, passenger cars 14%, chemical products 10.4%, precision machinery 10.3% and wireless communications equipment 5.3%. Those of computer peripherals decreased 13.5%.

By region, exports to Southeast Asia grew 21.9%, the European Union 19.3%, Japan 3.2% and China 0.4% while those to the U.S. dipped 1.4%, their second straight month of decline.

The services balance spanning sectors like travel, transportation and intellectual property royalties suffered a deficit of USD 3.32 billion, higher than USD 2.12 billion in August and USD 2.1 billion in September last year.

By item, the travel deficit dropped to USD 910 million from USD 1.07 billion in August and transportation saw a red figure for the first time in five months with USD 120 million.

The primary income balance, which reflects the flow of wages, dividends and interest, finished USD 2.96 billion in the black, up from USD 2.07 billion in August and the second highest for September.

Net financial assets (assets minus liabilities) in September rose USD 12.9 billion. Direct overseas investment by Koreans grew USD 5.66 billion while foreign direct investment (FDI) in Korea expanded USD 1.8 billion.

Securities investment abroad by Koreans rose USD 11.19 billion while FDI in the same sector in Korea increased USD 9.08 billion.

kimhyelin211@korea.kr