Seoul: South Korea logged a current account surplus for the 22nd consecutive month in February on rising exports, central bank data showed Tuesday. The country's current account surplus reached US$7.18 billion in February, following a $2.94 billion surplus the previous month, according to the data compiled by the Bank of Korea.
According to Yonhap News Agency, the country has reported a current account surplus every month since May 2023. The goods account logged an $8.18 billion surplus in February as exports climbed 3.6 percent on-year to $53.79 billion. Imports gained 1.3 percent on-month to $45.61 billion.
The services account, however, registered a $3.21 billion deficit due largely to rising demand for overseas travel, according to the central bank. The primary income account, which tracks the wages of foreign workers, dividend payments from overseas and interest income, logged a $2.62 billion surplus in February.
In 2024, the country reported a current account surplus of $99.04 billion, marking a sharp increase from a surplus of $32.82 billion the previous year, the BOK said.