S.KOREA CURRENT A/C SURPLUS SEEN NEAR 10 BLN DLRS
South Korea's national news agency, Yonhap,
said this year's current account surplus will near 10 billion
dlrs amid signs of continuing high world demand for the
country's cheap cars and electronic goods.
    Bank of Korea officials would neither confirm nor deny the
Yonhap forecast, saying only that the bank would issue its own
figures later in the week.
    Yonhap said the January-September surplus in the current
account, which covers trade in goods and services, totalled
7.03 billion dlrs.
    This already exceeds the seven billion dlr ceiling for the
whole of 1987 that the government set in June during talks with
the International Monetary Fund aimed at averting a too rapid
revaluation of the won against the dollar.
    The agency said the September surplus was 1.4 billion dlrs,
up from 468.1 mln in August and 899 mln a year earlier.
    "Exports in October could be relatively modest due to many
public holidays, but by the end of this year the surplus will
be well over nine billion dollars, close to ten," Yonhap said.
    The sharp rise in the September surplus came from a
resumption of export deliveries delayed by strikes the previous
month.
    More than 3,300 companies, including car manufacturers,
electronic and electric firms, were hit by labour unrest
between July and September.
    The South Korean government originally targeted a five
billion dlr current account surplus this year, but had to raise
this to seven billion to reflect a startling first-half export
boom.
    If confirmed, the soaring 1987 current account surplus
seemed certain to trigger tougher pressure from the United
States which recorded a 7.4 billion dlr trade deficit with
Seoul last year, government economists said.
    The U.S. Government, trying to stem protectionist pressure
at home, has called on South Korea to open more markets to
American goods and revalue the won faster.
    The won was fixed at 804.90 against the dollar on Monday,
representing a 7.01 pct gain so far this year.
 REUTER
