South Korea - Current Account Balance

South Korea: Current Account Balance

Mnemonic	TAB.IKOR
Unit	Mil. USD, NSA
Adjustments	Not Seasonally Adjusted
	Monthly	80.59 %
Data	Jul 2022	1,088
	Jun 2022	5,609

Series Information

Source	The Bank of Korea
Release	Balance of Payments
Frequency	Monthly
Start Date	1/31/1980
End Date	7/31/2022

South Korea: Trade

	Reference	Last	Previous	Units	Frequency
Balance of Goods	Aug 2022	-9,474,000	-4,805,000	Ths. USD, NSA	Monthly
Exports of Goods	Aug 2022	56,672,000	60,566,000	Ths. USD, NSA	Monthly
Imports of Goods	Aug 2022	66,146,000	65,371,000	Ths. USD, NSA	Monthly
Current Account Balance	Jul 2022	1,088	5,609	Mil. USD, NSA	Monthly
Exports of Goods and Services	2022 Q2	267,002	256,644	Bil. KRW, SA	Quarterly
Imports of Goods and Services	2022 Q2	261,011	234,265	Bil. KRW, SA	Quarterly
Net Exports	2022 Q2	5,990	22,379	Bil KRW, SA	Quarterly
Real Exports of Goods and Services	2022 Q2	218,861	225,948	Bil. Ch. 2015 KRW, SA	Quarterly
Real Imports of Goods and Services	2022 Q2	185,052	186,968	Bil. Ch. 2015 KRW, SA	Quarterly
Real Net Exports	2022 Q2	33,808	38,979	Bil. Ch. 2015 KRW, SA	Quarterly

Release Information

Description

The Balance of Payments statistics are published by the Central Bank of Korea (BOK) on a monthly basis and are disseminated according to the IMF's sixth edition of the Balance of Payments Manual standard (BPM6) in time series format. The BOK provides bilateral balance of payment statistics, for both current account and capital and financial account, and seasonally adjusted current account statistics. Quarterly from 1980.

Methodology

BOP concepts and definitions are broadly consistent with the recommendations of the IMF BPM6 framework. In particular,

Current, capital, and financial accounts of the balance of payments statement are defined according to the guidelines of the BPM6, and the current account balance is equal (with sign reversed) to the net capital and financial account balance.
In constructing the balance of payments statement, a double-entry system is applied as a basic principle, and the net residual is embedded in the errors and omissions item.
A clear distinction is made between the income component and the goods and services components.
The financial account provides for a separate recording of transactions in assets and transactions in liabilities.
The directional principle is applied in recording foreign direct investment.

The data are split up in four main headings:

Current account: goods and services, income and current transfers;
Capital and financial accounts: capital transfers and other (that includes information of the acquisition/disposal of nonproduced nonfinancial assets) in the capital account; and direct investment, portfolio investment, financial derivatives, and other investment in the financial account;
Change in reserve assets; and
Net errors and omissions.