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PRESS RELEASES

External Debt, Q1 2019

  • DivisionInternational Finance Bureau - International Finance Division
  • DateMay 23, 2019
  • Tel0442154713

External Debt, Q1 2019

 

External Debt Stays Unchanged at US $440.6 Billion,

Soundness Indicators Stable

 

 

Korea’s external debt stayed unchanged from the previous quarter at US $440.6 billion as of the end of March 2019.

 

- Short-term debt: US $129.4 billion, up US $2.9 billion quarter-on-quarter

- Long-term debt: US $311.1 billion, down US $2.9 billion quarter-on-quarter

 

External Debt, Q1 2019

(US $billion)

 

2014

2015

2016

2017

2018

2019

Change

(q-o-q)

Jun

Sept

Dec

Mart

Total debt

-Short-term

-Long-term

424.3

116.4

307.9

396.1

104.3

291.7

382.2

104.8

277.4

412.0

116.0

296.1

433.3

125.0

308.3

441.7

127.7

314.0

440.6

126.6

314.0

440.6

129.4

311.1

0

2.9

-2.9

* Source: International Investment Position (IIP) at the end of March 2019 (Bank of Korea, May 23, 2019)

 

External debt remained at the same level as the previous quarter:  Debt declined in the public sector and the other sector, while debt in commercial banks rose.

 

Borrowings by banks (up US $5.7 billion) rose due to loans taken out in foreign currency (up US $3.8 billion) and the issuance of foreign currency-denominated bonds (up US $1.6 billion).  Borrowings by the government (down US $1.4 billion) and central bank (down US $1.9 billion) declined as foreign investment in Korea’s sovereign bonds decreased.  Borrowings by the other sector (down US $2.4 billion) fell as trade credits declined (down US $1.8 billion). 

 

Soundness

 

External debt soundness indicators remained stable as the ratio of short-term external debt to total external debt stayed low at 29.4 percent and the ratio of short-term external debt to foreign exchange reserves at 31.9 percent, although both indicators rose slightly quarter-on-quarter, up 0.6 percentage points, respectively.

 

Solvency

 

Net foreign assets in debt instruments (total external assets in debt instruments–total external debt) stood at US $474.2 billion, up US $6.7 billion from the previous quarter.

 

 

Short-term External Debt and External Assets in Debt Instruments

(%, %p, US $billion)

 

2014

2015

2016

2017

2018

2019

Change

(q-o-q)

Jun

Sept

Dec

Mar

Ratio of Short-term Debt to Total External Debt

27.4

26.3

27.4

28.1

28.9

28.9

28.7

29.4

0.6¹

Ratio of Short-term Debt to Foreign Exchange Reserves

32.0

28.3

28.2

29.8

31.2

31.7

31.4

31.9

0.6¹

External Assets in Debt Instruments

678.2

720.5

781.4

877.4

893.5

909.5

908.1

914.8

6.7

Net External Assets in Debt Instruments

253.9

324.5

399.2

465.4

460.2

467.8

467.5

474.2

6.7

1. %p

 

The government will closely monitor how external debt indicators move and work to ensure the country’s financial soundness amid growing uncertainties that may affect international financial markets, such as those over trade negotiations between the US and China.

 

Please refer to the attached pdf