South Korea Reports $13.8 Billion Current Account Surplus in January Driven by Semiconductor Exports
In January, South Korea's current account surplus reached $13.8 billion, the fifth-largest on record, primarily due to a 102% increase in semiconductor exports. The goods balance surplus was $15.17 billion, driven by a 30% year-on-year rise in total exports. While imports increased 7%, the services balance recorded a deficit of $3.8 billion. Investment by residents in overseas securities exceeded $13 billion, although the impact of the U.S.-Iran conflict on the current account remains minimal.
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South Korea's current account surplus for January was $13.8 billion, the fifth-largest on record, attributed to a 102% rise in semiconductor exports. The goods balance recorded a surplus of $15.17 billion, with total exports hitting $65.51 billion, a 30% increase year-on-year.
Imports rose 7% to $50.34 billion. The services balance showed a deficit of $3.8 billion, with the travel balance at a deficit of $1.74 billion. Residents' investment in overseas securities totaled $13.46 billion. Concerns exist regarding the potential impact of the U.S.-Iran war on the current account, although the immediate effect is deemed minimal.
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