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Korea logs current account surplus for 22nd month in February

Published: 08 Apr. 2025, 12:35 Updated: 08 Apr. 2025, 14:38

Containers are stacked at a port in in Pyeongtaek, Gyeonggi, on March 14. [NEWS1]

Korea logged a current account surplus for the 22nd consecutive month in February on rising exports, central bank data showed Tuesday.

The country's current account surplus reached $7.18 billion in February, following a $2.94 billion surplus the previous month, according to the data compiled by the Bank of Korea.

It marked the third-largest surplus ever for any February. The country has reported a current account surplus every month since May 2023.

The goods account logged an $8.18 billion surplus in February, marking the 23rd consecutive month of surplus.

Exports climbed 3.6 percent on year to $53.79 billion. Outbound shipments of computers, cars and bio-health items led the upturn while those of semiconductors and petroleum products went down in February.

Imports gained 1.3 percent on month to $45.61 billion.

The services account, however, registered a $3.21 billion deficit due largely to rising demand for overseas travel, according to the central bank.

The primary income account, which tracks the wages of foreign workers and dividend payments from overseas and interest income, logged a $2.62 billion surplus in February.

“Longer-term uncertainty has heightened, and concerns about an economic slowdown have grown following the new U.S. tariff policy, and local exports are expected to be affected, particularly sales of vehicles, auto parts and steel products,” BOK official Song Jae-chang said in a press briefing.

U.S. President Donald Trump's administration pledged to impose “reciprocal” tariffs on imports from most of the world, including 25 percent duties on Korean goods, which are set to take effect Wednesday.

He also implemented a 10 percent “baseline” tariff on foreign imports Saturday, leading to pledges of retaliatory tariffs by China and others.

In 2024, the country reported a current account surplus of $99.04 billion, marking a sharp increase from a surplus of $32.82 billion the previous year, the BOK said.

Yonhap