South Korea records biggest current account surplus in nearly 7 years
(MENAFN) In June, South Korea achieved its largest current account surplus in almost seven years, driven by robust exports, particularly in the semiconductor sector. The current account surplus for the month reached USD12.2 billion, marking a surplus for the second consecutive month, according to data from the bank of Korea. This figure is the highest since September 2017 when the surplus was slightly higher at USD12.3 billion.
The notable performance was largely attributed to a substantial goods account surplus of USD11.4 billion, the highest since September 2020, and a continuous positive trend that has persisted for 15 months. South Korea's exports saw an impressive increase of 8.7 percent year-on-year, totaling USD58.8 billion in June. This growth was largely driven by a significant 50.4 percent rise in semiconductor shipments, along with increases in exports of telecommunications equipment and petroleum products, which rose by 26 percent and 8.5 percent respectively.
However, the services account saw a widening deficit, reaching USD1.6 billion in June, up from USD1.29 billion in May. On a positive note, the primary income account, which includes wages of foreign workers, foreign dividends, and interest income, showed a surplus of USD2.69 billion in June, an improvement from the USD1.76 billion surplus recorded in May.
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