SEOUL, February 06 (AJP) - South Korea’s current account surplus reached a record high last year, supported by robust semiconductor exports and rising dividend income from overseas investments, according to central bank data released on Friday.
Preliminary balance-of-payments figures from the Bank of Korea showed the country recorded a $18.7 billion current account surplus in December, the largest monthly surplus on record.
The surplus marked the 32nd consecutive month in positive territory and was sharply higher than November’s $12.9 billion and the $12.74 billion recorded in December a year earlier.
For the full year, the current account surplus totaled $123 billion, exceeding the previous record of $105.1 billion set in 2015 and surpassing the bank’s November forecast of $115 billion.
The goods account surplus widened to a record $18.85 billion in December from $14.7 billion in November.
Exports rose 13.1 percent year-on-year to $71.65 billion, driven by strong shipments of semiconductors and communications devices. Non-IT items such as machinery, precision instruments and pharmaceuticals also posted gains for a second consecutive month.
By destination, exports increased to Southeast Asia by 27.9 percent, to China by 10.1 percent and to the United States by 3.7 percent, while shipments to Japan dropped 7 percent.
Imports rose 1.7 percent from a year earlier to $52.8 billion. Raw material imports continued to fall, down 1 percent, reflecting lower energy prices, while consumer goods imports jumped 17.9 percent, led by passenger cars and gold, marking a second straight monthly increase.
The services account recorded a $3.69 billion deficit in December, widening from November’s $2.85 billion deficit and from $2.38 billion a year earlier. The travel account deficit expanded to $1.4 billion.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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