The country's current account surplus reached US$28.29 billion in April, the second-largest on record, after hitting an all-time high of US$37.93 billion in the previous month. South Korea has now recorded monthly current account surpluses for 36 consecutive months, the second-longest such streak since 2000.
The central bank attributed the surplus to a surge in exports driven by strong demand for information technology products, led by semiconductors and computer peripherals. Non-IT exports also rose, as higher global oil prices boosted shipments of petroleum products.
"IT products led export growth, while pharmaceuticals, petroleum products and ships also showed high growth rates," Yoo Sung-wook, director general of the BOK's financial statistics department, said during a press briefing.
Imports also continued to increase, driven by higher crude oil prices amid the prolonged conflict in the Middle East and robust demand for semiconductors and chipmaking equipment.
The goods account remained the main driver of the surplus, posting a $33.88 billion surplus, also the second-highest on record.
The primary income account, however, swung back into deficit in April, turning into a $2.53 billion shortfall from a US$3.59 billion surplus in March as dividend payments to foreign investors increased.
The services account also posted a deficit of $2.42 billion, driven largely by shortfalls in other business services and manufacturing services.
Investment income remained in deficit at $2.38 billion, while equity income posted a larger deficit of $3.02 billion.
The BOK attributed the deterioration largely to the seasonal concentration of dividend payments in April, with higher payouts among major Korean firms widening the deficit further by increasing outflows to foreign shareholders.
Yoo said the April deficit in the primary income account was not unusual, as dividend payments are typically concentrated in April. He added that the shortfall was the largest for any April since 2022, when the deficit reached $3.62 billion.
The financial account posted a net asset increase of $25.46 billion during the month. Portfolio investment liabilities rose by $3.51 billion after a sharp decline in March, as foreign investment in Korean debt securities rebounded following South Korea's inclusion in the FTSE World Government Bond Index (WGBI), according to the BOK.
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