South Korea Logs Record Current Account Surplus

South Korea’s current account surplus widened to USD 37.33 billion in March 2026, marking the largest monthly surplus ever and surpassing the previous peak set in February at USD 23.19 billion. The country has now posted a current account surplus for 35 straight months since May 2023, the second-longest streak on record. The sharp increase was mainly driven by robust semiconductor exports, which lifted the goods account surplus to an all-time high of USD 35.07 billion from USD 23.36 billion in the previous month, as exports surged 56.9% year-on-year to USD 94.32 billion, far outpacing a 17.4% rise in imports to USD 59.24 billion. Additionally, the services account deficit narrowed to USD 1.29 billion from USD 1.86 billion, while the primary income surplus rose to USD 3.58 billion from USD 2.48 billion due to an increase in the income on equity. The secondary income shortfall also fell to USD 0.03 billion from USD 0.79 billion.

South Korea’s current account surplus widened to $23.19 billion in February 2026 from $13.26 billion in January. This marked the largest monthly surplus on record, surpassing the previous high of $18.7 billion set in December 2025, driven by strong semiconductor exports, which boosted the goods balance before the Middle East war began to disrupt global energy markets and shipping. The goods account surplus rose to a record $23.36 billion from $15.17 billion in the previous month, as exports surged 29.9% year-on-year to $70.37 billion, far outpacing a 4.0% rise in imports to $47.0 billion. The services account deficit narrowed to $1.86 billion from $3.80 billion, supported by smaller shortfalls in travel and the use of intellectual property. Meanwhile, the primary income surplus edged down to $2.48 billion from $2.72 billion, reflecting a drop in income on equity. The secondary income deficit also fell slightly to $0.79 billion from $0.83 billion.

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.