Home > Business > Economy

Korea logs record current account surplus with U.S. in 2024

Published: 20 Jun. 2025, 17:40 Updated: 22 Jun. 2025, 17:32

Trade containers are stacked at Busan Port on June 11. [NEWS1]

Korea posted a record current account surplus with the United States last year, driven by strong exports of semiconductors, while it recorded a current account deficit with China, central bank data showed Friday.

Korea's current account surplus with the United States totaled an all-time high of $118.23 billion in 2024, widening from an $87.76 billion surplus the previous year, according to the Bank of Korea (BOK).

"The increase was attributable to strong consumer demand in the United States and the Joe Biden administration's investment in new growth industries, which boosted exports of consumer and capital goods. Increased income from dividends and interest on the back of expanded investments in the United States also led the growth," BOK official Kim Sung-jun said.

"But we expect the surplus with the U.S. to shrink this year compared to last year and further decline next year as the impact of U.S. tariff policies is expected to intensify in the second half," he added.

But Korea reported a current account deficit of $29.04 billion with China in 2024, though the figure narrowed slightly from a $29.25 billion deficit the year before.

"The deficit with China was the result of sluggish domestic demand in China and increased local production of intermediate goods," Kim said.

With Japan, Korea saw its current account deficit narrow to $12.72 billion from $15.77 billion over the same period, even as its service account deficit widened due to increased travel-related payments.

The country's current account surplus with the European Union nearly tripled from $5.85 billion in 2023 to $17.09 billion last year, driven by strong exports, according to the BOK.

The country also posted a $56.52 billion current account surplus with Southeast Asian nations last year, while it recorded a $69.02 billion deficit with the Middle East.

Overall, Korea's current account surplus widened to $99.04 billion in 2024, up sharply from $32.82 billion a year earlier, the data showed.

Yonhap