Sanaa:South Korea recorded a significant current account surplus in August, achieving the second-highest figure on record, driven by strong exports amid a global semiconductor upcycle. The surplus reached US$46.1 billion, an increase of $4 billion from the previous month, according to the Bank of Korea (BOK).
According to Yonhap News Agency, this figure marked a substantial rise of $36.2 billion compared to the same month in 2025. The surplus was only surpassed by the $49.73 billion recorded in June of the same year. For three consecutive months, the surplus has remained above the $40 billion mark, with July's figure at $42 billion.
From January to August, the cumulative current account surplus amounted to $279.2 billion, nearly quadrupling from the same period the previous year. A BOK official stated that the current figures align with forecasts, predicting an annual surplus of $450 billion. However, the official cautioned about external factors, such as oil price volatility due to the Middle East conflict.
Exports, particularly led by semiconductors, exceeded $100 billion for three months straight. The goods account surplus was $46.81 billion in August, with exports surging 82.1% year-on-year to $104.8 billion, while imports rose 23.8% to $57.99 billion. Chip exports more than tripled, and petroleum products increased by 64.9%, although car and ship exports declined by 30.1% and 45.2%, respectively.
Despite a strong goods account, the services account recorded a deficit of $1.68 billion, attributed to deficits in business services and travel. The travel deficit widened to $770 million from $340 million in July. Meanwhile, the primary income account, which includes wages, dividends, and interest income from abroad, posted a $1.92 billion surplus.
South Korea has maintained a current account surplus since May 2023, making August the 40th consecutive month of positive balance. In 2025, the country achieved its highest annual surplus on record at $123.05 billion, surpassing the previous peak of $105.1 billion in 2015.