Highlights of Current Account Deficit
The 3Q18 current account deficit was at USD8.8 billion or equal to 3.37% of GDP. The figure was slightly up than the 2Q18 deficit of USD8.0 billion or equal to 3.02% of GDP. On a cumulative basis, the 9M18 current account deficit was at 2.86% of GDP. The increment in the 3Q18 deficit was mainly beset by the slowdown in goods and services current account.
Goods Deficit
The 3Q18 goods current account posted the deficit of USD0.4 billion worse than the surplus of USD0.3 billion in the 2Q18. The underperformance was attributable to the ballooning oil and gas deficit and the limited surplus of non-oil and gas trade balance.
The soaring oil and gas trade balance occurred along with the increment in crude imports amid the rocketing crude prices in 3Q18. Meanwhile, the limited surplus of non-oil and gas trade balance was attributable to the steep increase in non-oil and gas imports, particularly raw material commodity due to the high domestic demand.
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