South Korea records current account surplus for fifth consecutive month in September
Date
11/7/2024 7:47:02 AM
(MENAFN) South Korea recorded a current account surplus for the fifth consecutive month in September, driven by strong demand for locally-made semiconductors and automobiles. The surplus for the month stood at USD11.12 billion, continuing a positive trend since May, according to data from the bank of Korea (BOK). This resulted in a current account surplus of USD64.64 billion for the first nine months of the year, a significant increase from USD16.75 billion during the same period in 2023.
The trade surplus for goods in September amounted to USD10.67 billion, marking the 18th consecutive month of surplus since April 2023. Exports grew by 9.9 percent year-on-year to USD61.67 billion, while imports rose by 4.9 percent to USD51 billion. The upward trend in exports continued for the 12th month, fueled by robust demand for South Korean semiconductors, automobiles, and mobile devices.
Despite the trade surplus, South Korea experienced a service deficit of USD2.24 billion in September, up from USD1.23 billion in August. This service deficit primarily reflects higher outflows in sectors such as travel and transport services. However, the overall performance of the current account remains strong due to the solid export performance.
This data highlights South Korea's continued economic resilience, particularly in key export sectors. The nation’s export-driven growth, especially in technology and automotive sectors, has been a significant contributor to its strong current account balance over recent months.
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