Seoul: SiltaNews – News Desk
The Republic of Korea posted its largest-ever current account surplus for any November, supported by strong exports amid an upcycle in the semiconductor industry, central bank data showed Friday. The country’s current account surplus totaled US$12.24 billion in November, up sharply from $6.81 billion a month earlier, according to the data from the Bank of Korea (BOK).
It marked the highest level for any November since the BOK began compiling relevant data in 1980, Yonhap News Agency reported. Korea has recorded a current account surplus every month since May 2023, marking the second-longest surplus streak on record.
During the first 11 months of last year, the cumulative surplus totaled $101.82 billion, compared with $86.68 billion during the same period in 2024, marking the largest amount ever recorded for the cited period, the BOK said. The goods account posted a surplus of $13.31 billion in November, up from $7.82 billion a month earlier, as exports rose 5.5% on-year to $60.11 billion.
Chip exports jumped 38.7% from a year earlier, while vehicle shipments increased 10.9%. Imports edged down 0.7% on-year to $46.8 billion in November. The services account recorded a deficit of $2.73 billion in November due mainly to a surge in overseas travel demand, though the figure narrowed from a $3.75 billion deficit logged a month earlier.
The primary income account, which includes wages of foreign workers, as well as dividend and interest income from abroad, posted a surplus of $1.83 billion, driven primarily by dividend earnings. The secondary income account recorded a deficit of $180 million, the data showed. In the financial account, net assets increased by $8.27 billion in November, widening from the previous month’s $6.81 billion.