Korea Posts Second-largest Current Account Surplus On Record
The Republic of Korea recorded a current account surplus of US$46.1 billion in August, the second-highest on record, driven by strong exports and a global recovery in the semiconductor sector. According to data released by the Bank of Korea (BOK) on Thursday, this surplus increased by US$4 billion from July and by approximately US$36.2 billion from a year earlier, ranking second only to the record US$49.73 billion posted in June.
The surplus remained above US$40 billion for the third consecutive month, bringing the cumulative surplus for the first eight months of the year to US$279.2 billion, nearly four times the level recorded during the same period last year. The central bank stated that the goods account posted a surplus of US$46.81 billion in August, with exports rising 82.1 percent year-on-year to US$104.8 billion and imports increasing 23.8 percent to US$57.99 billion.
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