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Korea’s current account surplus hits seven-month streak in November

Published: 08 Jan. 2025, 10:44 Updated: 08 Jan. 2025, 16:58

Containers are stacked at a port in Incheon on Jan. 2. [YONHAP]

Korea reported a current account surplus for the seventh consecutive month in November on the back of solid sales of semiconductors, central bank data showed Wednesday.

The country's current account surplus reached $9.3 billion in November, narrowing from a $9.78 billion surplus the previous month, according to the preliminary data from the Bank of Korea (BOK).

The country has recorded a current account surplus since May, and the accumulated surplus for the first 11 months of 2024 has nearly tripled to $83.54 billion from that of the same period in 2023.

The goods account logged a $9.3 billion surplus in November, marking the 20th consecutive month of surplus.

The surplus came as exports rose 1.2 percent from a year earlier to $57.1 billion, with outbound shipments of semiconductors surging 29.8 percent on year, while imports fell 4.4 percent to $47.35 billion in the month.

The services account, however, registered a $2.09 billion deficit in November, compared to a $1.73 billion deficit a month earlier.

The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, logged a $1.94 billion surplus in November, narrowing from the previous month's $3.45 billion surplus, the data showed.

The BOK expected Korea to report a current account surplus of $90 billion in 2024 and $80 billion in 2025.

Yonhap