Subscribe to Our Newsletter

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks
South Korea's Current Account Surplus Soars to $12.26 Billion
Source: Bank of Korea

South Korea's Current Account Surplus Soars to $12.26 Billion

Philip Lee profile image
by Philip Lee

Seoul, South Korea—Preliminary data from the Bank of Korea showed that South Korea recorded a current account surplus of $12.26 billion in June, marking a significant improvement from last year.

The goods account surplus reached $11.47 billion as exports rose 8.7% year-on-year to $58.82 billion, while imports fell 5.7% to $47.35 billion.

The services account deficit narrowed to $1.62 billion, primarily due to travel and other business services account deficits.

The primary income account posted a surplus of $2.69 billion, boosted by an increase in income on equity. 

The secondary income account recorded a $0.28 billion deficit.

In the financial account, net assets increased by $12.24 billion in June.

Direct investment saw a net increase of $5.26 billion, with assets rising by $4.89 billion and liabilities decreasing by $0.37 billion.

Portfolio investments showed a net increase of $9.03 billion, with assets up $6.63 billion and liabilities down $2.39 billion.

Financial derivatives posted a net increase of $2.01 billion, while other investments saw a net decrease of $4.21 billion.

Reserve assets increased by $0.15 billion during the month.

For the first half of 2024, South Korea's current account surplus totaled $37.73 billion, with the goods account surplus reaching $44.27 billion.

Philip Lee profile image
by Philip Lee

Subscribe to The Pickool

Success! Now Check Your Email

To complete Subscribe, click the confirmation link in your inbox. If it doesn’t arrive within 3 minutes, check your spam folder.

Ok, Thanks

Read More