Net overseas assets $500 billion, all-time high

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Net overseas assets $500 billion, all-time high

Korea’s net overseas assets reached an all-time high in 2019, thanks mainly to the increased value of stock investments, central bank data showed Thursday.

The country’s net international investment position came to $500.9 billion as of the end of December, up $64.8 billion from a year earlier, according to preliminary data from the Bank of Korea.

The position refers to the difference between Korea’s external financial assets and the domestic assets owned by foreigners. It serves as a measure of a country’s external solvency.

Korea’s external financial assets came to $1.69 trillion at the end of last year, up $153.4 billion from a year earlier.

The country’s external financial liabilities, or foreign investments here, reached $1.19 trillion, up $88.6 billion over the cited period.

Korea’s external debt stood at $467 billion as of the end of December, $25.8 billion more than a year earlier.

Short-term foreign debt, which matures within one year, rose by $8.9 billion over the cited period, with long-term debt growing by $16.9 billion.

Korea’s short-term external debt accounted for 28.2 percent of its outstanding external liabilities.

Yonhap

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