Seoul: South Korea's current account surplus for 2024 more than tripled from the previous year, driven by robust exports and increased dividend income, as revealed by central bank data on Thursday. The surplus reached US$99.04 billion, significantly up from $32.82 billion in 2023.
According to Yonhap News Agency, the 2024 surplus figure was the second-largest on record, exceeding the government's forecast of $90 billion. In December alone, the current account surplus amounted to $12.37 billion, marking it as the largest surplus recorded for any December and the third-highest monthly figure to date.
The Bank of Korea (BOK) reported that the country has maintained a current account surplus for 20 consecutive months as of December. The goods account recorded a $10.43 billion surplus in December, continuing a 21-month streak of surpluses. Exports during the month saw a 6.6 percent increase on-year, reaching $61.38 billion, primarily due to strong semiconductor sales, while imports grew by 4.2 percent to $52.87 billion.
For the entire year of 2024, exports set a new record of $683.8 billion, marking an 8.2 percent year-on-year increase. However, the services account registered a $2.11 billion deficit in December, following a $1.95 billion deficit in November. This deficit was largely attributed to increased demand for overseas travel during the vacation season, as noted by the central bank.
The primary income account, which includes wages of foreign workers, dividend payments, and interest income, recorded a $4.76 billion surplus in December, compared to the $2.41 billion surplus in the previous month.
Shin Seung-cheol, the BOK's head of statistics, stated during a press briefing that while exports are expected to remain strong, the growth rate may slow due to a high base effect. The BOK's November forecast predicted a current account surplus of $80 billion for 2025, with a revised outlook expected later this month. Shin also highlighted potential risks, including trade policies under the Donald Trump administration and responses from major nations.