(MENAFN) South Korea's overseas borrowing extended its upward trajectory for a third consecutive quarter, driven by expanding long-term obligations, Bank of Korea (BOK) figures revealed Wednesday.

The nation's external liabilities climbed $2.5 billion quarter-over-quarter to reach $738.1 billion by September's close, BOK data confirmed. This marks continued growth following surges of $10.5 billion in Q1 and a substantial $52.2 billion jump in Q2.

While short-term obligations—those maturing within 12 months—contracted by $5.4 billion to $161.6 billion during the July-September period, long-term external debt ballooned $7.9 billion to hit $576.5 billion.

The proportion of short-term borrowing relative to total foreign liabilities decreased 0.8 percentage points from the previous quarter, settling at 21.9 percent as of September 30.

Meanwhile, the short-term debt-to-foreign reserves ratio dropped 2.4 percentage points to 38.3 percent.

South Korea's net external credit position—calculated as total external assets minus foreign debt—stood at $381.8 billion at quarter's end, representing a $24.6 billion quarterly increase.

The data underscores the country's growing reliance on extended-term financing amid persistent economic pressures.

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