Shaw Capital Management Headlines : South Korea’s Current-Account Surplus Narrowed in January

 

http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/02/24/bloomberg1376-LH59GB07SXKX01-1L7QLF16RKAQLBRQRECI3D4AQU.DTL

Thursday, February 24, 2011

(Updates with official’s comment in the sixth paragraph.)

Feb. 25 (Bloomberg) — South Korea’s current-account surplus narrowed to an 11-month low in January as imports surged amid an economic recovery and rising energy demand.

The surplus was $229 million, compared with $2.11 billion in December, the Bank of Korea said in a statement in Seoul today. The current account is the broadest measure of trade, tracking goods, services and investment income.

South Korea has stepped up measures to limit won gains driven by foreign capital inflows, helping keep exports competitive. Overseas shipments contributed to the fastest economic expansion last year since 2002, stoking price pressures and prompting the Bank of Korea to raise interest rates.

“The current account stands to worsen should oil prices move much higher,” said Kwon Young Sun, an economist at Nomura Holdings Inc. in Hong Kong. “We see an increasing risk that the BOK will choose not to raise rates in March because of uncertainties surrounding the Middle East crisis.”

The won rose 0.2 percent to 1,128.95 per dollar as of 10:30 a.m. in Seoul. The benchmark Kospi stock index lost 0.33 percent. The currency has weakened about 0.27 percent against the dollar this year, according to data compiled by Bloomberg.

The nation will probably post a current-account surplus in February as exports remain “stronger than expected” even as imports rise, Lee Young Bog, an official at the Bank of Korea, told reporters in Seoul today.

Earnings Boost

Total exports on a customs-cleared basis rose 45.4 percent last month from a year earlier, compared with a 22.6 percent gain in December. Imports climbed 32.4 percent after rising 21.7 percent in December.

Overseas shipments have boosted earnings last year at companies including Samsung Electronics Co., Asia’s biggest maker of semiconductors, flat screens and mobile phones.

The central bank unexpectedly left the nation’s benchmark interest rate at 2.75 percent this month after raising it in January, July and November from a record-low 2 percent. Inflation quickened to 4.1 percent in January from 3.5 percent in December, exceeding the bank’s target of 2 percent to 4 percent through 20.The surplus on traded goods narrowed to $1.63 billion last month from $3.68 billion in December, today’s report showed. The services deficit, which measures the flow of travel, transport costs and royalties, was $1.64 billion in January, compared with $1.15 billion in December.

–With assistance from Patricia Lui in Singapore. Editors: Lily Nonomiya, Ken McCallum.

 

About the Author

The Shaw Group Inc. was founded in 1987 as a fabrication shop in Baton Rouge, La., by Chairman, President and Chief Executive Officer J.M. Bernhard Jr. and two colleagues. Driven by leaders with bold vision and a strong entrepreneurial spirit, the company has evolved into a diverse engineering, construction, technology, fabrication, environmental and industrial services organization with 27,000 employees in strategic locations around the world.

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