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

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. 

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.