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S. Korea reports biggest current account surplus in about 7 years in June: BOK

August 7, 2024

South Korea posted its largest current account surplus in about seven years in June, driven by robust exports led by semiconductors, central bank data showed Wednesday.

The country’s current account surplus reached US$12.2 billion in June, marking a surplus for two consecutive months, according to data compiled by the Bank of Korea.

The June surplus is the largest since September 2017, when the surplus was $12.3 billion.

The latest performance was driven by a robust goods account, which totaled $11.4 billion, the largest since September 2020. It also marked 15 consecutive months of growth.

South Korea’s exports gained 8.7 percent on-year to reach $58.8 billion in June, with semiconductor exports jumping 50.4 percent. Communication devices and petroleum products also rose by 26 percent and 8.5 percent, respectively.

The services account deficit expanded to $1.6 billion in June, compared with $1.29 billion in May, the data showed.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, reported a $2.69 billion surplus in June, up from $1.76 billion in May.