The current account surplus in June set a monthly record high of USD 49.73 billion for the second consecutive month. Shown are containers stacked at Pyeongtaek Port in Pyeongtaek, Gyeonggi-do Province. (Yonhap News)
By Kim Seon Ah
The current account surplus in June of USD 49.73 billion broke the all-time monthly mark for the second consecutive month.
Strong exports led by semiconductors raised the goods account surplus that drove the record-setting performance.
Preliminary balance of payments data released by the Bank of Korea on Aug. 6 said the June surplus broke the previous monthly mark of USD 38.61 billion in May.
The surplus streak reached 38 months starting in May 2023. The cumulative black figure for the first half of this year was USD 191.01 billion, almost four times USD 47.87 billion in the same period last year.
The goods account surplus broke a record with USD 47.89 billion. Exports also broke the USD 100 billion mark in a month for the first time with USD 112.37 billion.
By export item, semiconductors on a customs-clearance basis jumped 196.9% year on year, computer peripherals (SSDs) skyrocketed 282.7% and wireless communication devices rose 60.6%. Other sectors showing growth included petroleum (47.5%), chemical (18.6%) and steel (17.9%) products and machinery and precision equipment (8.6%).
Imports rose 38.6% from May to USD 64.48 billion, with raw materials and capital and consumer goods all rising. Those of crude oil, coal, semiconductors, and information and communication technology equipment all saw notable growth.
The services account finished USD 1.29 billion in the red, but the deficit was a far cry from the same period last year. The travel balance also saw its second straight month of surplus with USD 440 million, buoyed by a rise in foreign arrivals and a decrease in outbound travelers.
The primary income account finished USD 3.27 billion in the black thanks to an increase in dividend income.
Net assets in the financial account rose USD 46.71 billion, the largest increase on record. In direct investment, that by Koreans abroad rose USD 8.01 billion while that by foreign investors in Korea grew by USD 4.63 billion.
sofiakim218@korea.kr
