Seoul: South Korea logged a current account surplus for the 23rd consecutive month in March on rising exports, central bank data showed Friday. The country's current account surplus reached US$9.14 billion in March, following a $7.18 billion surplus the previous month.
According to Yonhap News Agency, the preliminary data compiled by the Bank of Korea indicates that the country has reported a current account surplus every month since May 2023. The goods account logged an $8.49 billion surplus in March as exports climbed 2.2 percent from a year earlier to $59.31 billion, while imports gained 2.3 percent on-year to $50.82 billion.
The services account registered a $2.21 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 $3.23 billion surplus in March.
During the first three months of this year, the current account surplus came to $19.26 billion, larger than a $16.48 billion surplus logged during the same period of 2024, the data showed. In 2024, the country reported a current account surplus of $99.04 billion, marking a sharp increase from a $32.82 billion surplus the previous year, the BOK said.