Current account deficit $4.4 billion Manufacturing employment 100,000 youth 137,000 decrease
The current account deficit of 4.46 billion dollars in the first quarter worsened the deformed economic structure in which the number of employed in manufacturing decreased by 97,000 and increased by 440,000 only among those in their 60s.
The Bank of Korea's current account deficit of $4.46 billion in the first quarter of this year was the largest deficit in January (-4.21 billion dollars), February (-520 million dollars) and March goods balance -11 With a deficit of $300 million, it plunged $6.69 billion from the same month last year, and has been in the red for 11 consecutive months since May of last year.
The increase in March seems to be an increase in dividend income due to US capital investment in semiconductor electric vehicle batteries, and the surplus ($ 3.15 billion) in March increased by $ 2.86 billion from a year ago.
The primary income account surplus ($3.65 billion), which increased in March, increased by $2.61 billion from March of the previous year ($1.04 billion), and the dividend income account surplus ($3.15 billion) and 2.86 billion The increase in the dollar shows a difference from the beginning of Koroa. In March, net assets (asset-debt) of financial accounts decreased by $ 1.38 billion. Domestic investment also increased by US$ 2.64 billion, about twice as high as overseas investment. Securities investment showed a marked decrease in investment, with Koreans' overseas investment increasing by US$ 3.02 billion, but foreign domestic investment decreasing by US$ 3.33 billion.
The decrease in exports is a year-on-year decrease for 7 consecutive months in major items such as semiconductors, chemicals, and petroleum products, and the number of employed in the manufacturing industry decreased by 97,000 in April, a decrease for the 4th consecutive month.
The decrease in the number of employed in the manufacturing sector by the National Statistical Office was the largest decrease in 28 months since the decrease of 110,000 people in December 2020 due to the corona pandemic.
The decrease in the manufacturing industry seems to have decreased by 22,000 in April as the number of employed people in their 40s, the main economic class, decreased for 10 consecutive months, and the number of employed young people (15-29 years old) also decreased for 6 consecutive months, by 137,000 in April.
Among employment by age group, the number of those in their 30s and 50s increased, but the increase in employment in April was concentrated in the lodging and restaurant business (171,000) and health and welfare (148,000).
The number of employed increased by 442,000 among those aged 60 or older and decreased by 88,000 among those aged 60 or younger. The April unemployment statistics decreased by 59,000 to 804,000, and the unemployment rate recorded a decrease of 0.2%p to 2.8%. .
The record of a current account deficit of $4.46 billion in the first quarter (January to March) came with a sharp decline of $19.34 billion from the current account of $14.88 billion in the first quarter of the previous year.
The service balance also recorded a deficit of $1.9 billion in March, and from a surplus of $170 million in March last year, the balance decreased by $2.08 billion in one year, turning into a deficit.
Exports in March were $56.4 billion, down 12.6% ($8.16 billion) from the same period last year (March), and the year-on-year decrease was the seventh consecutive month since September last year.
The decline in exports was led by semiconductors (-33.8%), chemical products (-17.3%), petroleum products (-16.6%), and steel products (-10.8%), followed by China (-33.4%) and Southeast Asia (-23.5%). ), Japan (-12.2%), and EU (-1.2%).
The increase in exports to Korea is a 65.6% increase in passenger car exports compared to the same period last year.
Revenue for March ($57.52 billion) was down 2.5% ($1.47 billion) from the same period last year.
Imports declined in March in semiconductors (-10.8%) capital goods (-2.4%) grains (-17.3%) home appliances (-3.5%) consumer goods (-1.2%), raw materials fell 10.0% and gas petroleum products crude oil. The declines were 25.2%, 19.1%, and 6.1%, respectively, reflecting the economic recession.
At the beginning of the corona shock, the number of employed in February 2020 according to the National Statistical Office increased by 492,000, and the employment of seniors aged 60 or older increased by 570,000 compared to the previous year, and the employment of those aged 65 or older, excluded from unemployment statistics, accounted for 80% at 386,000. showed the highest
At that time, employment decreased intensively among those in their 40s and 20s, while those in their 60s led the increase, followed by increases in the 50s (57,000) and 30s (19,000).
In addition to the health and social welfare service industry (202,000 people), where the deformed employment growth is concentrated, a 9.7% increase, the transportation and warehousing industry (99,000 people) increased by 7.0% reflecting the increase in courier services, and the agriculture, forestry and fishery (80,000 people) 7.1% increase The retail industry turned to a decline, with a decrease of 106,000 people (-2.9%), and the manufacturing industry increased by 34,000 people (0.8%) compared to the same period last year, and the employment structure of financial support began.
<Corona Employment Rapid increase in short-term employment for those in their 40s and those in their 60s who left the economy, see March 11, 2020>