Current Account in Korea
Korea - Current AccountA preliminary estimate showed the economy contracted at a slower pace in annual terms in the third quarter as international trade ameliorated. Exports recovered significantly from the blow dealt by the pandemic in Q2, falling at a much softer rate. Moreover, fixed investment gained steam, growing at a faster pace than in Q2. Turning to Q4, the recovery is seen losing some steam amid surging Covid-19 cases abroad. That said, available indicators for the early part of the quarter are fairly positive: In October, the PMI reading pointed to the first improvement in manufacturing conditions this year, while consumer sentiment grew less pessimistic. Moreover, business confidence increased in November, pointing to sustained improvement in private sector activity. In other news, Joe Biden’s victory in the U.S. election sparked optimism regarding the future of the external sector, amid hopes that global tariffs will ease.
Korea - Current Account Data
|Current Account (% of GDP)||7.2||6.5||4.6||4.5||3.6|
5 years of economic forecasts for more than 30 economic indicators.
Korea Current Account Chart
Source: Bank of Korea and FocusEconomics calculations.
|Bond Yield||1.68||1.55 %||Dec 31|
|Exchange Rate||1,156||0.21 %||Dec 31|
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December 1, 2020
Merchandise exports ticked up 4.0% in annual terms in November (October: -3.8% yoy).
November 30, 2020
Industrial output fell 2.2% year-on-year in October, after an 8.1% surge in September.
November 26, 2020
At its meeting on 26 November, the Bank of Korea (BOK) kept the base rate at its record low of 0.50%, in line with market expectations. The Bank’s decision to hold came amid weak domestic activity, a deteriorating labor market and a tightening of social distancing restrictions.
November 25, 2020
Business confidence in the manufacturing sector rose to 81.0 in December from November's 76.0.
November 24, 2020
Consumer confidence came in at 97.9 in November, up notably from October's 91.6.