The Export-Import Bank of South Korea (the Bank) was established in 1976 as a special financial institution under the Export-Import Bank of Korea Act to grant financial facilities for foreign trade, investment and resource development activities.
As of June 30, 2022, the Bank had a head office in Seoul, a Marine Financial Center in Busan, 10 domestic branches, three domestic offices, one domestic subsidiary, five overseas subsidiaries and twenty-four overseas offices.
The Bank’s authorized capital is 15 trillion won, and through numerous capital increases since its establishment, its paid-up capital is 12 trillion 773,254 million won as of June 30, 2022.
As of June 30, 2022, the government of the Republic of Korea, the Bank of Korea and the Korea Development Bank own 68.80%, 9.12% and 22.08%, respectively, of the Bank’s ownership.
The Bank, as trustee for the Government, has managed the Economic Development Cooperation Fund (EDCF) since June 1987 and the Inter-Korean Cooperation Fund (IKCF) since March 1991.
These funds are accounted for separately and are not included in the Bank’s separate interim financial statements.
The Bank receives fees from the government for the following fiduciary services.
According to preliminary data, South Korea‘s GDP growth in the first nine months of 2022 was 3.1% at chained 2015 prices, mainly due to an increase in aggregate private and general government consumption expenditures of 4.8% and an increase in exports of goods and services of 4.8%, the effects of which were partly offset by an increase in imports of goods and services of 7.8%, in each case compared to the corresponding period of 2021.
According to preliminary data, the inflation rate was 5.0% and the unemployment rate was 2.5% in the first nine months of 2022.
South Korea recorded a current account surplus of US$24.1 billion in the first nine months of 2022.
The current account surplus in the first nine months of 2022 decreased from the current account surplus of $67.4 billion in the corresponding period of 2021, mainly due to decreases in the goods account and income account surpluses, which were partly offset by a decrease in the services account deficit.