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