South Korea's current account surplus reached a record $37.33 billion in March, driven by strong semiconductor exports. The increase in oil products and chemicals also contributed to this historic surplus.
According to preliminary statistics released by the Bank of Korea on May 8, the current account surplus for March was approximately 54.43 trillion won. This marks the 35th consecutive month of surplus, the second-longest streak since the 2000s.
Following a record surplus of $23.19 billion in February, March's figure exceeded $30 billion, indicating significant growth.
The trade balance recorded a surplus of $35.07 billion, the highest ever. After reaching $23.36 billion in February, the trade surplus surpassed $30 billion in March.
Exports surged 56.9% year-on-year to $94.32 billion, also a record high. IT products, particularly semiconductors and computer peripherals, showed strong performance, while non-IT items benefited from increased working days and rising oil prices.
Notable increases were seen in exports of computer peripherals (167.5%), semiconductors (149.8%), wireless communication devices (13.1%), and chemicals (9.1%). After a 23% decline last year, automobile exports rebounded with a 1.1% increase. Oil product exports surged from a 0.7% decline to a 69.2% increase.
Regionally, exports to Southeast Asia (68.0%), China (64.9%), the United States (47.3%), and Japan (28.5%) performed well, while exports to the Middle East fell by 49.1%.
Imports also rose by 17.4% to $59.24 billion, driven by capital goods, particularly information and communication equipment (51.6%), transportation equipment (34.8%), and semiconductors (34.5%).
Raw material imports increased by 8.5%, led by chemicals (20.5%), marking the first rise in six months, while consumer goods imports grew by 2.1%.
The services account recorded a deficit of $1.29 billion, significantly reduced from a $2.51 billion deficit in March last year and down from $1.86 billion the previous month.
The travel balance showed a surplus of $140 million, marking the first surplus since November 2014, coinciding with the spring travel season.
The primary income balance surplus increased from $2.48 billion in February to $3.58 billion in March, driven by higher dividend income from direct and portfolio investments.
The financial account showed a net asset increase of $36.99 billion. Domestic investment abroad rose by $8.89 billion, while foreign investment in South Korea increased by $3.77 billion.
In securities investment, domestic investment abroad increased by $4 billion, but foreign investment in South Korea decreased by $34.04 billion, the largest drop on record, amid concerns over regional risks and declining memory demand.
* This article has been translated by AI.
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