Korea posted a report present account surplus throughout the first 9 months of this yr, pushed by strong semiconductor and vehicle exports, the central financial institution mentioned Thursday.
The nation’s cumulative present account surplus reached $82.77 billion from January by September, marking an all-time excessive for the cited interval, based on knowledge from the Financial institution of Korea (BOK).
The determine compares with $67.23 billion recorded throughout the identical interval final yr.
“Exports remained robust as semiconductors entered a supercycle, whereas vehicle shipments additionally carried out nicely because of market diversification past the US to Europe and different areas,” BOK official Shin Seung-chul informed a press briefing.
For September alone, the present account surplus got here to $13.47 billion, up from $9.15 billion a month earlier.
It marked the most important surplus ever recorded for any September and the second-largest month-to-month determine general.
The info additionally marked the twenty ninth consecutive month of surplus because the nation has maintained a present account surplus each month since Might 2023.
September’s surplus was buoyed by strong exports and elevated dividend earnings.
The products account posted a $14.24 billion surplus, the second-largest month-to-month determine on report after a $14.52 billion surplus in September 2017, as exports rose 9.6 % on-year to $67.27 billion, pushed by robust shipments of semiconductors and cars.
Imports elevated 4.5 % to $53.03 billion in September.
The providers account recorded a $3.32 billion deficit, primarily because of a surge in abroad journey demand.
The first earnings account, which incorporates wages of overseas employees, in addition to dividend and curiosity earnings from overseas, logged a $2.96 billion surplus in September.
“The present account surplus is anticipated to slim in October because of fewer working days throughout the Chuseok vacation,” Shin mentioned. “Going ahead, the excess will seemingly stay strong in November and December given strong semiconductor exports, secure international oil costs and continued surpluses within the main earnings account.”
