Seoul: South Korea logged a current account surplus for the 23rd consecutive month in March, driven by rising exports, as indicated by central bank data released Friday. The country's current account surplus reached US$9.14 billion in March, improving from a $7.18 billion surplus in the previous month, according to preliminary data compiled by the Bank of Korea (BOK).

According to Yonhap News Agency, South Korea has reported a current account surplus every month since May 2023. However, the BOK noted that the surplus may shrink in the coming months due to the impact of the Donald Trump administration's new tariff scheme. In March, the goods account recorded an $8.49 billion surplus, with exports climbing 2.2 percent from a year earlier to $59.31 billion, driven by increased demand for semiconductors and computers. Imports also gained 2.3 percent year-on-year to $50.82 billion.

The services account registered a $2.21 billion deficit, primarily due to rising demand for overseas travel, as per the central bank. The primary income account, which tracks wages of foreign workers, dividend payments from overseas, and interest income, logged a $3.23 billion surplus in March. During the first quarter of this year, the current account surplus amounted to $19.26 billion, surpassing the $16.48 billion surplus recorded during the same period of 2024.

"The impact of new U.S. tariffs is expected to be stronger and more widespread than anticipated, which is likely to result in a smaller current account surplus than initially projected," stated senior BOK official Shin Seung-chul at a press briefing. "Given the high level of uncertainty surrounding U.S. tariff policies, we need to continue monitoring the situation. I believe the effects of the new tariff measures will become more pronounced over time," he added.

On April 9, the Donald Trump administration began imposing reciprocal tariffs on partner nations, including 25 percent duties on South Korea, only to pause them shortly afterward to allow for one-on-one negotiations. South Korea and the United States have agreed to seek a "July package" deal on trade and related issues before July 8, when Trump's 90-day pause on reciprocal tariffs ends. In 2024, South Korea reported a current account surplus of $99.04 billion, a significant increase from a $32.82 billion surplus the previous year, the BOK stated.