South Korea's Economic Resilience Shines with Record Current Account Surplus

South Korea has demonstrated remarkable economic resilience, recording a current account surplus of $9.14 billion in March, marking the 23rd consecutive month of surplus. This achievement underscores the country's strong export performance and economic stability.

Exports and Imports Show Positive Growth

Exports totaled $59.39 billion, up 2.2 percent from a year earlier, continuing a two-month streak of year-on-year growth. Notably, semiconductor exports rose by 11.6 percent, reversing a one-month decline. Other sectors showing strong performance include computer peripheral devices, pharmaceuticals, and passenger vehicles.

Imports also saw an increase, amounting to $50.82 billion, up 2.3 percent compared to the same month last year. This growth was driven by an expansion in capital and consumer goods imports, despite falling energy prices.

Services and Primary Income Accounts

The services account recorded a deficit of $2.21 billion, with the travel balance posting a deficit of $720 million. Conversely, the primary income account showed a surplus of $3.23 billion, largely due to increased dividend income.

Financial Account Highlights

In the financial account, net assets increased by $7.82 billion in March. Overseas investments by Korean residents grew significantly, while foreign investment in South Korea also saw an uptick, particularly in bonds.