Record-Breaking Surplus in South Korea's Current Account

South Korea has achieved an unprecedented milestone with its current account surplus soaring to a record high of $14.27 billion in June, marking the 26th consecutive month of surplus, the third-longest streak since the 2000s.

Exports Drive the Surge

The goods balance contributed significantly with a surplus of $13.16 billion, fueled by robust exports totaling $60.37 billion, a 2.3% increase from the previous year. Notably, IT exports, including semiconductors and computer peripherals, along with non-IT sectors like pharmaceuticals, showcased remarkable growth.

Imports and Services Account Trends

Imports saw a modest rise of 0.7% to $47.21 billion, with a notable shift in raw materials imports. However, the services account deficit expanded to $2.53 billion, influenced by a slight increase in the travel account deficit.

Annual Forecasts Surpassed

From January to June, the current account surplus reached $49.37 billion, exceeding the Bank of Korea's forecasts and achieving 60.2% of the annual projection of $82 billion.

Financial Account Growth

The financial account also witnessed an increase of $17.29 billion in June, with significant movements in direct and securities investments both domestically and internationally.