South Korea fell into a current account deficit again in November last year.

(Bloomberg)

[Financial Channel/Comprehensive Report] South Korea’s exports fell sharply due to growing concerns about the global economic recession and the epidemic in China. In November last year, South Korea even experienced a deficit for the first time in three months. The current account deficit reached US$620 million (approximately NT$18.8 billion) .

"Yonhap News Agency" reported that according to data from the Bank of Korea (BOK), the same period in 2021 will be in surplus, and the current account surplus will be US$6.82 billion (approximately NT$207.6 billion), which is also worse than the performance of the current account surplus of US$880 million (approximately NT$207.6 billion) in October of the same year. NT$26.7 billion).

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From January to November 2022, South Korea's cumulative current account surplus will be US$24.37 billion (approximately NT$741.9 billion), which is lower than the US$25 billion (approximately NT$761.2 billion) previously forecast by the Bank of Korea, and even far lower than the US$82.24 billion in 2021 (about NT$2.5 trillion).

Among them, South Korea was impacted by China's zero-clearing policy at the time, its largest trading partner, and its exports to China fell by 25.5% in November.

The report pointed out that in the case of slowing exports and a gradually increasing trade deficit, the forecast for the current account in December may not be too optimistic.

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