Korea posts $38.61 billion current account surplus in May, a new record high

The cumulative current account surplus from January through May totaled US$141.29 billion

A semiconductor production line. (courtesy Samsung Electronics)

South Korea posted a current account surplus of nearly US$39 billion in May as strong semiconductor exports continued to drive the country’s international trade performance. The cumulative surplus for the first five months of the year surpassed US$140 billion.According to preliminary balance of payments data released by the Bank of Korea on Wednesday, the country’s current account surplus reached US$38.61 billion in May, marking the largest monthly surplus on record. The previous record was set in March this year, when the surplus stood at $37.93 billion.The cumulative current account surplus from January through May totaled US$141.29 billion, roughly four times higher than the US$33.90 billion recorded during the same period a year earlier.By category, the goods account posted a surplus of US$37.86 billion in May, also the highest monthly figure ever recorded. The surplus far exceeded the previous record of US$35.68 billion set in March.The expansion was driven by a dramatic increase in exports, which jumped 62.9% year-on-year, outpacing the 22.2% growth in imports and widening the trade surplus.Exports of goods totaled US$94.34 billion in May. Shipments of information technology products, led by semiconductors, surged 128.9% from a year earlier and fueled overall export growth. Exports of non-IT products also posted double-digit growth, rising 10.0% year-on-year.Imports of goods amounted to US$56.48 billion, with increases mainly concentrated in raw materials, which rose 22.1%, and capital goods, which climbed 28.0%.By Kim Young-bae, senior staff writerPlease direct questions or comments to [english@hani.co.kr]