As semiconductor exports continue to thrive, South Korea's current account surplus has surpassed $60 billion for the first time in history. The goods balance also recorded its highest surplus ever, marking a new peak for the current account surplus after three months.
According to preliminary statistics released by the Bank of Korea on November 5, the current account surplus for September was recorded at $61.46 billion. This figure exceeds the previous record of $49.73 billion set in June by $11.73 billion. The surplus has now surpassed $40 billion for three consecutive months, following $42.08 billion in July and $46.11 billion in August.
Compared to the same month last year, when the surplus was $14.22 billion, this year's surplus increased by $47.24 billion. The cumulative current account surplus for the first nine months of this year stands at $340.66 billion, more than four times the $83.89 billion recorded during the same period last year.
Breaking down the September current account by category, the goods balance surplus reached a record $62.75 billion, surpassing the previous record of $47.89 billion set in June.
Exports totaled $130.72 billion, a 92.4% increase from a year earlier. Monthly exports have exceeded $100 billion for four consecutive months since June.
By item, semiconductor exports surged by 260.3% compared to the same month last year. Other categories, such as information and communication devices (137.6%) and petroleum products (73.3%), also showed significant growth. However, exports of passenger cars (-5.6%) and automotive parts (-8.1%) declined.
Regionally, exports saw substantial increases to the United States (136.9%), China (123.1%), and Southeast Asia (113.2%).
Imports amounted to $67.97 billion, a 29.4% increase from the same month last year. Raw material imports rose by 21.3%, driven by increases in crude oil (38.4%), gas (42.5%), and non-ferrous metals (42.4%).
Capital goods imports expanded by 42.3%, supported by increases in semiconductors (92.8%), semiconductor manufacturing equipment (49.2%), and information and communication devices (37.3%). Consumer goods imports also rose by 2.0%, led by passenger cars (31.8%) and durable consumer goods (4.8%).
The services balance recorded a deficit of $3.35 billion, widening from a deficit of $1.68 billion the previous month. Compared to the same month last year, when the deficit was $3.48 billion, the deficit has slightly narrowed.
Within the services balance, the travel balance remained unchanged at a deficit of $770 million. The transportation balance decreased from a surplus of $520 million the previous month to a surplus of $130 million, while the intellectual property usage balance widened from a deficit of $390 million to $770 million.
The primary income balance recorded a surplus of $2.65 billion, an increase from the previous month's surplus of $1.92 billion.
Meanwhile, the net assets in the financial account increased by $54.34 billion. Domestic investors' overseas securities investments rose by $16.63 billion, while foreign investments in domestic securities decreased by $13.81 billion.
* This article has been translated by AI.
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