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Figures released by the Bank of Korea show that Korea posted a surplus of US$2.99 billion last month, up more than $1.3 billion from September and the second largest monthly surplus this year following January's $3.9 billion.
BOK officials attribute the upswing to brisk exports and a significant recovery in Korea's services trade balance, which saw its deficit shrink by about $500 million. In contrast, the country's capital account balance -- which tracks the flow of cross-border investment -- marked a net outflow of $2.3 billion in October, the largest in 16 months. Analysts say active profit-taking by foreigners in Korea's stock market coupled with institutional investors' rush to buy overseas bonds fueled the outflow.
Arirang News
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