Samsung Electronics' semiconductor plant in Pyeongtaek, Gyeonggi Province / Courtesy of Samsung Electronics
Korea posted its largest-ever monthly current account surplus in March, driven by a sharp rise in semiconductor exports amid strong global demand for artificial intelligence (AI)-related chips, central bank data showed Friday.
According to preliminary data from the Bank of Korea (BOK), the country's current account surplus reached $37.33 billion in March.
That figure surpassed the previous monthly record of $23.19 billion posted in February and marked Korea's 35th consecutive month of current account surplus, the second-longest streak since the 2000s.
The goods account surplus hit a record $35.07 billion, more than tripling from $9.69 billion a year earlier, as exports surged 56.9 percent from a year earlier to a record $94.32 billion. Imports rose 17.4 percent to $59.24 billion.
Strong growth in semiconductors and information technology products continued, while exports of petroleum products, chemical goods and automobiles also returned to growth.
By product, exports of computer peripherals soared 167.5 percent, while semiconductors jumped 149.8 percent. Exports of wireless communication devices rose 13.1 percent, petroleum products increased 69.2 percent, and chemical goods 9.1 percent.
By destination, exports to Southeast Asia rose 68 percent, followed by China at 64.9 percent, the United States 47.3 percent and Japan 28.5 percent. Exports to the Middle East, however, fell 49.1 percent.
The services account posted a deficit of $1.29 billion.
Notably, within the services account, the travel account returned to a surplus of $140 million for the first time since November 2014, helped by a rise in inbound travelers during the spring travel season.
Source: Korea Times News
