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Balance of Payment of Korea
Korea achieved a current account surplus of US$27.6 billion in 2004, making it the seven consecutive surplus year since 1998. The surplus doubled from the US$ 12.3 billion of the previous year. The details of the current account surplus by sectors are as follows. The goods account recorded a surplus of US$38.2 billion in 2004, an increase of US$16.2 billion compared to US$22 billion in 2003. This was the result of remarkable growth in exports of IT products such as wireless communi-cation equipment, semiconductors, computers, etc., which far exceeded the increased imports. The service account reduced from US$7.4 billion to US$8.8 billion with deficits still increasing. The deficit in the income balance turned into a surplus of US$700 million in 2004 as a result of continued reduc-tion of the deficit since 1998. This was attributed to increases in interest revenues from expanded overseas assets held and a reduction in foreign debt, which decreased outgoing interest payments.