South Korea recorded its largest-ever annual current account surplus in 2025, reaching $123.05 billion, a significant increase from the previous year’s $99.97 billion. This surplus, reported by the Bank of Korea, marks a historic high, surpassing the previous record of $105.1 billion set in 2015 and exceeding the bank’s projection of $115 billion.
The remarkable surplus was primarily fueled by robust exports, particularly in the semiconductor sector. Last year, the country’s goods account showed a surplus of $138.07 billion, up from $110.91 billion in the previous year, with exports climbing to a new peak of $718.94 billion, a 2.1 percent increase from the previous year.
Driven by a semiconductor upcycle, South Korea experienced a substantial surge in outbound shipments of semiconductors, which rose by 21.9 percent to $175.3 billion in 2025. Additionally, exports of vehicles slightly increased by 0.3 percent to $68.55 billion, while those of vessels soared by 24 percent to $30.38 billion.
Despite the overall surplus, the services account reported a deficit of $34.52 billion in 2025, compared to a $29.43 billion deficit in 2024. This deficit was mainly attributed to a travel account deficit and payments for intellectual property rights usage.
The primary income account, which monitors foreign workers’ wages, overseas dividend payments, and interest income, registered a surplus of $27.92 billion in 2025, up from $26.78 billion in the previous year, according to the data.
South Korea’s current account surplus exceeded $100 billion for the second time in 2025, driven by the semiconductor supercycle and declining global oil prices, as highlighted by BOK official Kim Young-hwan. Despite potential uncertainties related to US tariff policies and geopolitical risks, the current account is anticipated to remain robust in the upcoming year.
In December 2025 alone, South Korea recorded a current account surplus of $18.7 billion, a notable increase from the previous year’s $12.74 billion. This marked the highest monthly surplus on record, surpassing the previous record set in September 2025. The country has maintained a current account surplus every month since May 2023, marking one of the longest surplus streaks on record.
In December, the goods account reported a record surplus of $18.85 billion, marking the 22nd consecutive month of surplus. Exports grew by 13.1 percent to $71.65 billion, while imports rose by 1.7 percent to $52.8 billion.
