The Bank of Korea on May 8 said the current account surplus in March hit USD 37.33 billion. Shown is the Port of Gwangyang in Gwangyang, Jeollanam-do Province (Yeosu-Gwangyang Port Authority)

By Charles Audouin

The Bank of Korea on May 8 said the current account surplus in March hit USD 37.33 billion, easily breaking the all-time monthly record of KRW 23.19 billion set in February.

Exports rose 49.2% year on year to USD 86.63 billion.

By item, exports of semiconductors and information and communications technology devices continued to show strong growth, while those of petroleum and chemical products and passenger cars also rose.

By region, export growth was especially high in the U.S. and Southeast Asia, as well as Central and South America.

Imports grew 13.2% year on year to USD 60.39 billion. Consumer goods imports saw slower growth while those of capital goods increased.

The cumulative current account surplus in the first quarter hit USD 73.78 billion, a whopping 380% jump from USD 19.49 billion in the same quarter last year. Continued strength was led by semiconductors, which saw overseas shipments shoot up 137.6%, and electrical and electronic products (100.3%).

caudouin@korea.kr