Wharf at Gwangyang Port in Gwangyang, Jeollanam-do Province (Yeosu-Gwangyang Port Authority)

By Aisylu Akhmetzianova

The current account in February marked a record-high surplus for the month buoyed by strong exports of semiconductors and other products.

The Bank of Korea on April 8 released tentative data on balance of payments showing that the figure finished USD 23.19 billion in the black.

By category, the trade balance (exports minus imports) drove the surge by finishing USD 23.36 billion in the black. Exports rose 29.9% year on year to USD 70.37 billion and imports 4% to USD 47 billion.

On a customs clearance basis, exports of semiconductors zoomed 157.9%, electrical and electronic products 104.7%, and information and communications equipment 67.8%, playing a pivotal role in export performance. In contrast, those of passenger cars dropped 22.9%, machinery and precision instruments 13.5%, and chemical industrial products 7.4%.

By market, Southeast Asia saw a 54.6% jump in Korean exports, China 34.1%, the U.S. 28.5% and the European Union 10.3%. Those to the Middle East dipped 1.2% and Latin America 2.1%.

Net financial assets (assets minus liabilities) rose USD 22.8 billion. Direct overseas investment by Koreans grew USD 3.81 billion, while foreign direct investment in the country expanded USD 940 million.

Securities investment abroad rose USD 8.64 billion, primarily in stocks, while foreign investment in Korea fell USD 11.94 billion.

aisylu@korea.kr