Seoul: South Korea logged a current account surplus for the eighth straight month in December, supported by strong exports and an increased trade surplus, central bank data showed Thursday. The country's current account surplus reached US$12.37 billion in December, following the surplus of $10.05 billion a month earlier.
According to Yonhap News Agency, for the entire year of 2024, South Korea reported a current account surplus of $99.04 billion, surpassing the government's forecast of a surplus of $90 billion. The yearly reading also marked a significant increase from a surplus of $32.82 billion in 2023, as per the data.
In December, the goods account logged a $10.43 billion surplus, marking the 21st consecutive month of surplus. This surplus was driven by exports, which advanced 6.6 percent year-on-year to $61.38 billion, largely due to robust sales of semiconductors. Meanwhile, imports increased by 3.3 percent to $54.89 billion in the same month.
The services account, however, registered a $2.11 billion deficit, following a $1.95 billion deficit a month earlier. The primary income account, which tracks the wages of foreign workers, dividend payments from overseas, and interest income, logged a $4.76 billion surplus in December, compared with the previous month's $2.41 billion surplus, the data indicated.