▲ Busan Port Sinseondae Terminal filled with shipping containers
Driven by strong semiconductor exports, South Korea recorded its largest-ever current account surplus in May, nearing 60 trillion won in international trade.
According to preliminary balance of payments data released by the Bank of Korea (BOK) today (July 8), the current account surplus for May 2026 stood at $38.61 billion (approximately 58.6 trillion won).
This is the largest monthly surplus on record, surpassing the previous high of $37.93 billion set in March of this year.
The country has maintained a surplus streak for 37 consecutive months since May 2023.
This marks the second-longest streak of surpluses since the 2000s, following the 83-month streak that ended in March 2019.
The cumulative current account surplus from January to May of this year reached $141.28 billion.
This is more than four times the figure from the same period last year ($33.9 billion) and has already surpassed the total annual surplus of last year ($123.05 billion).
Yoo Sung-wook, head of the Economic Statistics Department at the BOK, stated, "We had projected a surplus of $151.5 billion for the first half of the year, but looking at the cumulative surplus from January to May, it seems we will exceed that," adding, "We also expect to surpass the annual forecast of $250 billion."
He noted, "With semiconductors leading the way, we expect June exports to exceed $100 billion, resulting in a significantly high current account surplus," and added, "I think it might reach the $40 billion level."
Yoo added, "While semiconductor exports are exceptionally strong, other sectors such as petroleum products, chemical products, bio, and pharmaceuticals are also not in a bad situation."
Looking at the May current account by category, the goods account surplus reached a record high of $37.86 billion.
The previous record was $35.68 billion in March.
Exports ($94.34 billion) surged by 62.9% compared to a year ago.
While the strong export growth trend for semiconductors and information and communication devices continued, the growth rate for petroleum products also expanded.
By item, based on customs clearance, computer peripherals (249.4%), semiconductors (167.7%), petroleum products (49.1%), and chemical products (11.0%) saw significant increases.
By region, exports showed strength in China (80.8%), Southeast Asia (74.4%), the United States (59.4%), Latin America (43.2%), Japan (12.6%), and the Eurozone (3.2%).
Exports to the Middle East decreased by 7.5%.
Imports ($56.48 billion) also increased by 22.2%, but the growth rate was lower than that of exports.
Capital goods imports rose by 28.0%, led by semiconductors (61.1%), semiconductor manufacturing equipment (54.9%), and information and communication devices (7.7%).
Raw material imports increased by 22.1%, mainly due to petroleum products (70.5%), coal (37.2%), chemical products (27.6%), and crude oil (24.8%), while consumer goods imports also rose by 1.8%.
The services account recorded a deficit of $1.09 billion.
Within the services account, the travel account recorded a surplus of $50 million.
After recording a surplus in March ($140 million)—the first in 11 years and 4 months—it shifted to a deficit in April (-$30 million) before returning to a surplus.
The number of inbound travelers in May increased by 19.4% compared to a year ago.
Net assets in the financial account (assets minus liabilities) increased by $31.08 billion.
In direct investment, outbound investment by Koreans increased by $4.56 billion, while inbound investment by foreigners increased by $2.69 billion.
In securities investment, outbound investment by Koreans increased by $6.24 billion, centered on stocks, while inbound investment by foreigners decreased by $24.65 billion, mainly in stocks.
Foreign investment in domestic stocks plummeted by $31.05 billion, marking the largest decrease on record.
The decline widened due to profit-taking sales following the rise in domestic stock prices.
Foreign investment in debt securities increased by $6.4 billion, driven by inflows of funds tracking the World Government Bond Index (WGBI).
(Photo: Provided by BOK, Yonhap News)
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