South Korea Current Account Surplus Hits Record High

South Korea’s current account surplus narrowed to $13.26 billion in January 2026 from $18.7 billion in December, marking the 33rd consecutive month that the country recorded a surplus and the second-longest streak in its history. It was also the fifth-largest current account surplus ever recorded for the month of January, supported by a semiconductor upcycle and resilient export performance. The goods account posted a net $15.17 billion surplus as exports surged 30.0% year-on-year to $65.51 billion, while imports rose 7.0% to $50.34 billion over the same period. Meanwhile, the services account recorded a $3.80 billion deficit, largely due to shortfalls in the travel and other business services accounts. The primary income account registered a $2.72 billion surplus, reflecting higher income from equity investments. The secondary income account, however, posted a $0.83 billion deficit.

South Korea’s current account surplus jumped to $123.05 billion in 2025 from $99.97 billion the previous year, marking the largest annual surplus on record on robust exports, particularly in semiconductors. The result surpassed both the previous high of $105.1 billion in 2015 and the Bank of Korea’s forecast of $115 billion. In December, the country posted a record monthly surplus of $18.7 billion, up from $12.9 billion in November. The goods account contributed $18.85 billion, as exports rose 13.1% year-on-year to $71.65 billion, while imports grew 1.7% to $52.8 billion. The services account recorded a $3.69 billion deficit, largely due to increased demand for overseas travel during the winter vacation season. Meanwhile, the primary income account—which tracks wages of foreign workers, dividend payments, and interest income—posted a $4.73 billion surplus, up sharply from November’s $1.53 billion.

South Korea’s current account surplus widened to $12.24 billion in November 2025 from $6.81 billion in October, underpinned by strong export performance. The latest figure marked the 31st consecutive month of surplus and represented the largest November surplus on record. The goods account posted a $13.31 billion surplus, as exports rose 5.5% year-on-year to $60.11 billion, while imports edged down 0.7% to $46.80 billion. The services account registered a $2.73 billion deficit, driven mainly by shortfalls in the travel and other business services categories. Meanwhile, the primary income account recorded a $1.83 billion surplus, supported by higher equity income, while the secondary income account posted a modest $0.18 billion deficit.