South Korea Current Account Hits Fresh Record High

South Korea’s current account surplus widened sharply to a new record high of USD 49.73 billion in June 2026, up from USD 38.61 billion in May, driven by robust growth in semiconductor exports. The goods account surplus climbed to USD 47.89 billion in June from USD 37.86 billion in May, as exports surged 84.5% year-on-year to USD 112.37 billion, outpacing the 38.6% rise in imports to USD 64.48 billion. The primary income account surplus rose to USD 3.27 billion from USD 2.17 billion, driven by higher income on equity. Additionally, the secondary income deficit narrowed to USD 0.14 billion from USD 0.33 billion, reflecting lower secondary income payments. Meanwhile, the services account deficit widened to USD 1.29 billion from USD 1.09 billion, due to larger deficits in other business services and manufacturing services. For the first half of the year, the current account surplus surged to USD 191.01 billion from USD 47.87 billion in the same period of 2025.

South Korea’s current account surplus widened sharply to a record high of USD 38.61 billion in May 2026, up from USD 28.29 billion in April, driven by robust growth in semiconductor exports. The goods surplus rose to USD 37.86 billion in May from USD 33.88 billion in April, as exports rose 62.9% yoy to USD 94.34 billion, outpacing the 22.2% increase in imports to USD 56.48 billion. Additionally, the primary income account swung to a surplus of USD 2.17 billion from a deficit of USD 2.53 billion, due to an increase in income on equity. Meanwhile, the services account deficit narrowed to USD 1.09 billion from USD 2.42 billion, due to smaller deficits in other business services and manufacturing services. Also, the secondary income deficit narrowed to USD 0.33 billion from USD 0.64 billion, due to a decrease in payments on secondary income. For the first five months of the year, the current account surplus surged to USD 141.28 billion from USD 33.90 billion in the same period of 2025.

South Korea’s current account surplus declined to USD 28.29 billion in April 2026, the second-largest monthly surplus on record, down from a marginally revised all-time high of USD 37.93 billion in the previous month. The decline was mainly driven by a narrowing of the goods surplus to USD 33.88 billion in April from USD 35.68 billion in March, although exports surged 54.5% from a year earlier, outpacing the 16.1% increase in imports. Additionally, the services account deficit widened to USD 2.42 billion from USD 1.31 billion, while the primary income account swung to a deficit of USD 2.53 billion from a surplus of USD 3.59 billion. Meanwhile, the secondary income deficit widened to USD 0.64 billion from USD 0.03 billion, due to a decrease in the income on equity. For the first four months of the year, the current account surplus surged to USD 102.67 billion from USD 24.00 billion in the same period of 2025.