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RESOURCE PRICE SURGE HURTING S KOREA'S CURRENT ACCOUNT BALANCE.
SEOUL, March 3 Asia Pulse - The surge in global natural resource prices is raising concerns over the South Korea's current account balance sheet, the Korea Customs Service (KCS) said Monday.
The service said South Korean companies spent roughly 67 won (US$0.07) for every 100 won worth of products exported abroad.
In the first month of the year, South Korea imported US$21.85 billion worth of energy, mineral resources and oil-based products, while exports totalled US$32.42 billion.
The deficit in the current account, the nation's broadest measure of international trade, ballooned to an 11-year high of US$2.6 billion in January, up from a US$813.8 million deficit the previous month. The January deficit was the largest since January 1997 when the shortfall amounted to US$3.13 billion.
"The tally showed that import of raw materials accounted for 67.4 per cent of exports," a KCS official said.
From 2000 to 2004, the percentage of money paid for raw materials versus export earnings fell from 45.8 per cent to 44.8 percent, but this rebounded to 49.7 per cent in 2005. It has been ...
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Source: HighBeam Research, RESOURCE PRICE SURGE HURTING S KOREA'S CURRENT ACCOUNT BALANCE.