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Korea logs current account surplus for 23rd month in March

Published: 09 May. 2025, 15:31

Containers are stacked at Busan Port on April 30. [YONHAP]

Korea logged a current account surplus for the 23rd consecutive month in March on rising exports, central bank data showed Friday.

The country's current account surplus reached $9.14 billion in March, following a $7.18 billion surplus the previous month, according to the preliminary data compiled by the Bank of Korea (BOK).

The country has reported a current account surplus every month since May 2023.

The BOK noted the country's current account surplus may shrink in the coming months due mainly to the impact of the Donald Trump administration's new tariff scheme.

In March, the goods account logged an $8.49 billion surplus as exports climbed 2.2 percent from a year earlier to $59.31 billion on increasing demand for semiconductors and computers.

Imports gained 2.3 percent on-year to $50.82 billion.

The services account, however, registered a $2.21 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, dividend payments from overseas and interest income, logged a $3.23 billion surplus in March.

During the first three months of this year, the current account surplus came to $19.26 billion, larger than a $16.48 billion surplus logged during the same period of 2024.

"The impact of new U.S. tariffs is expected to be stronger and more widespread than anticipated, which is likely to result in a smaller current account surplus than initially projected," senior BOK official Shin Seung-chul told a press briefing.

"Given the high level of uncertainty surrounding U.S. tariff policies, we need to continue monitoring the situation. I believe the effects of the new tariff measures will become more pronounced over time," he added.

On April 9, the Donald Trump administration began imposing reciprocal tariffs on partner nations, including 25 percent duties on Korea, only to place a pause on them shortly afterward to allow for one-on-one negotiations.

Korea and the United States have agreed to seek a "July package" deal on trade and other related issues before July 8, when Trump's 90-day pause on reciprocal tariffs ends.

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

Yonhap