(LEAD) S. Korea posts record high current account surplus of over US$60 bln in Sept. on chip supercycle

Seoul, Nov. 5 (Yonhap) -- South Korea shattered its own record with a staggering current account surplus of over $61.46 billion in September, according to data released by the Bank of Korea. This marked the highest monthly surplus ever recorded, surpassing the previous peak of $49.73 billion achieved in June. The surge was primarily driven by a surge in semiconductor exports, which saw a remarkable 92.4% year-on-year increase, reaching $130.72 billion in September.

This substantial rise in exports was matched by a 29.4% increase in imports, totaling $67.97 billion. While the goods account recorded a record $62.75 billion surplus, the primary income account posted a $2.65 billion surplus due to a rise in equity income. However, the services account experienced a deficit of $3.35 billion, primarily due to an increase in travel expenses and intellectual property-related payments.

The secondary income account recorded a $590 million deficit. Cumulatively, South Korea's current account surplus for the first nine months of the year reached $340.66 billion, tripling from $83.89 billion over the same period last year. Since May 2023, South Korea has consistently reported a current account surplus, making August the 41st consecutive month of a surplus balance.