Key facts
- South Korea's current account surplus reached a record $49.73 billion in June.
- This surpasses the previous record of $38.61 billion set in May.
- The surplus is the 38th consecutive monthly surplus for the country.
- The cumulative surplus for the first six months of the year was $191.01 billion.
- Goods exports surged 84.5% year-on-year to $112.37 billion in June.
South Korea's current account surplus continued its record-breaking streak in June, reaching $49.73 billion, primarily driven by robust semiconductor exports. This marks the largest monthly surplus ever and the 38th consecutive month of surplus for the nation.
The cumulative surplus for the first half of the year totaled $191.01 billion, significantly exceeding the Bank of Korea's earlier projection and nearing the annual target. The goods account recorded its largest monthly surplus at $47.89 billion, with exports surging 84.5% year-on-year to $112.37 billion, surpassing $100 billion for the first time. Imports also rose by 38.6% to $64.48 billion.
Exports of information technology products saw a dramatic increase of 160.4% compared to the previous year, with chip shipments alone skyrocketing by 196.9% and computer peripherals by 282.7%.
The services account, however, recorded a deficit of $1.29 billion, widening from the previous month due to increased payments related to intellectual property. The travel account registered a surplus of $440 million, bolstered by a rise in foreign tourists and a decrease in Korean outbound travelers. The primary income account also contributed positively with a surplus of $3.27 billion, largely due to increased dividend income.