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Driven by robust global demand, tenth consecutive monthly current account surplus is set to take South Korea's 2009 surplus to more than US$43 billion, the central bank said Tuesday. However, the surplus in November stood below October's level.
The current account surplus totaled US$4.28 billion in November, down from a revised US$4.76 billion in the previous month, the Bank of Korea reported. The current account is the broadest measure of global trade, reflecting the movement of goods and services and investment income.
The trade surplus increased to US$5.84 billion from October's US$5.68 billion, while the income account registered a surplus of US$390 million, down from around US$559.4 million last month. At the same time, the services deficit rose to US$1.66 billion from US$1.31 billion.
Further, the capital account showed a net inflow of US$1.54 billion, slightly smaller than the US$1.58 billion in October.
The seasonally adjusted current account surplus was also smaller than that in October. The surplus stood at US$1.17 billion compared to last month's US$3.25 billion.
The current account surplus is likely to exceed US$43 billion for 2009 as a whole, BoK official Lee Young Bog told a press conference in Seoul. In the first 11 months of the year, the surplus was US$41.2 billion. That compared with a US$6.55 billion deficit in the same period of last year.
The central bank had revised its estimate for the current account surplus on December 11. The current account balance is now expected to show a smaller surplus of nearly US$17 billion next year as imports are forecast to grow faster amid the economic recovery.
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