Key facts
- South Korea's current account surplus reached a record $38.61 billion in May.
- This figure is the largest monthly surplus ever recorded.
- The surplus was driven by robust exports, particularly in semiconductors.
- South Korea has reported a current account surplus for 37 consecutive months.
- The goods account surplus was $37.86 billion, with exports surging 62.9% year-on-year.
South Korea achieved a record-high current account surplus of $38.61 billion in May, surpassing the previous record set in March, according to data from the Bank of Korea. This marks the 37th consecutive month of surplus for the nation.
The surge was primarily driven by a significant increase in exports, which rose 62.9% year-on-year to $94.34 billion, while imports grew 22.2% to $56.48 billion. The goods account posted a surplus of $37.86 billion. Exports of information technology products, including semiconductors and computer peripherals, saw substantial growth.
The services account recorded a deficit of $1.09 billion, a narrower loss than the previous month, due to decreased travel deficits and intellectual property-related payments. The primary income account contributed a surplus of $2.17 billion, boosted by increased dividend income, while the secondary income account registered a deficit of $330 million.