Korea achieved its largest current account surplus in almost seven years last month, fueled by strong exports of semiconductors and other major products, according to the Bank of Korea (BOK), Wednesday.
Preliminary data on the global current account balance, the broadest measure of cross-border trade, revealed that Korea posted a surplus of $12.26 billion in June, the BOK said.
The figure exceeded the $8.92 billion surplus set in May and was the largest since September 2017, when the surplus amounted to $12.34 billion.
As a result, Korea’s cumulative current account surplus for the first six months of this year reached $37.73 billion, a significant increase from the $1.15 billion surplus set during the same period in 2023.
The January-June surplus exceeded the Bank of Korea’s estimate of $27.9 billion. The central bank projects that the surplus for the second 홀짝게임 half of the year will reach $32.1 billion and that the annual surplus will surpass $60 billion.
The higher-than-expected surplus is attributed to Korea’s trade balance remaining positive since April 2023.
The trade surplus for goods reached $11.47 billion in June, an increase from $8.75 billion in May.
In June, exports increased by 8.7 percent year-over-year to $58.82 billion, while imports decreased by 5.7 percent to $47.35 billion.
In particular, exports have continued to rise for the ninth consecutive month as of June, driven by increased overseas demand for semiconductors, mobile devices, petroleum products, and other items.