Korea's Current Account Surplus Jumps to Second-Larget Globally
As the strong export trend continued, the current account surplus for July recorded the second-largest ever. The current account surplus for the first half of this year from January to June ranked second in the world, following China.According to the preliminary balance of payments statistics releas
South Korea's current account surplus for July reached its second-largest ever, with a surplus of $42.08 billion. This surpassed China's record and marked the second-largest surplus globally, following June's $49.73 billion surplus. The July surplus represents a slight decrease from the previous month, attributed to export companies focusing their efforts in June.
South Korea's current account surplus for the first half of the year ranked second worldwide, now overtaking Germany, Japan, and Taiwan after previously being fifth. The goods account surplus for July was $40.43 billion, with a significant surge in exports of computer peripheral SSDs, semiconductors, and petroleum products. Despite an increase in imports by 21.7% year-over-year, the export growth rate outpaced the import growth rate.
The services account deficit narrowed to $1.97 billion, driven by a surge in outbound travelers in July. The primary income account surplus grew from $3.27 billion in June to $4.35 billion in July, thanks to increased dividend income from overseas subsidiaries of domestic semiconductor companies. The Bank of Korea anticipates the current account surplus to reach $450 billion this year, contingent on semiconductor economic conditions.
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