South Korea Current Account Surplus Widens in November

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.

South Korea's current account surplus shrank to $6.81 billion in October 2025 from $13.47 billion in September, with the decline driven by the Chuseok holiday and higher US tariffs. Still, it marked the 30th straight month of surplus, the second-longest streak on record, even as exports weakened. The goods account posted a $7.82 billion surplus as exports fell 4.7% to $55.88 billion while imports dropped 5.0% to $48.06 billion from a year earlier. The services account recorded a $3.75 billion deficit due to shortfalls in travel and other business services. The primary income account showed a $2.94 billion surplus on stronger equity income, while the secondary income account logged a $0.19 billion deficit.