S. Korea reports biggest current account surplus in about 7 years in June: BOK
SEOUL, August 7. (Yonhap) South Korea posted its largest current account surplus in about seven years in June, thanks to strong exports led by semiconductors, according to central bank data released Wednesday.
The country’s current account surplus reached US$12.2 billion in June, marking the second consecutive month of surplus, according to Bank of Korea data.
The June surplus is the largest since September 2017, when it totaled $12.3 billion.
The most recent performance was driven by a strong goods account, which totaled $11.4 billion, the highest since September 2020. It also represented 15 months of consecutive growth.
South Korea’s exports rose 8.7 percent year on year to $58.8 billion in June, with semiconductor exports up 50.4 percent. Communication devices and petroleum products also increased by 26 and 8.5 percent, respectively.
The services account deficit widened to $1.6 billion in June, up from $1.29 billion in May, according to data.
The primary income account, which tracks foreign workers’ wages, dividend payments from overseas, and interest income, showed a $2.69 billion surplus in June, up from $1.76 billion in May.
