South Korea posts its largest current account surplus ever in February
SEOUL, April 8 (WAM) – Data issued by the Bank of Korea on Wednesday showed that South Korea recorded its largest monthly current account surplus ever in February, thanks to a recovery in the semiconductor sector and strong exports.
The current account surplus reached $23.19 billion in February, a sharp increase from $13.26 billion in January.
This represents the highest monthly surplus ever, breaking the previous record of $18.7 billion last December.
Thus, the current account recorded a surplus for the thirty-third consecutive month since May 2023, which is the second longest series in its history.
In 2025, South Korea will record its largest annual surplus ever of $123.05 billion, surpassing the previous record of $105.1 billion set in 2015.
The goods account achieved a surplus of $23.36 billion in February, setting a record, as exports jumped by 29.9% year-on-year to $70.37 billion, while imports rose by 4% to $47 billion.
The services account recorded a deficit of $1.86 billion in February, which was mainly due to increased demand for travel abroad.
The primary income account, which includes the wages of foreign workers as well as dividends and interest from abroad, recorded a surplus of $2.48 billion in February, mainly driven by dividend gains.
The data showed that the secondary income account recorded a deficit of $790 million.
On the financial account, South Korea’s net assets rose by $22.8 billion in February, a sharp increase from a rise of $5.63 billion in the previous month.
Direct investment by South Koreans abroad rose by $3.81 billion, while foreign direct investment in South Korea increased by $940 million.
In the field of securities investment, domestic investors’ foreign holdings, especially in stocks, rose by $8.64 billion in February, while foreign investors reduced their investments in Korea, especially in domestic stocks, by $11.94 billion.
-Except-
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Related
