South Korea achieved its highest current account surplus for any November, reaching $12.24 billion, a significant increase from the previous month’s $6.81 billion. This surplus, reported by the Bank of Korea, marks a record level since data compilation began in 1980. The country has maintained a surplus streak every month since May 2023, the second-longest on record.
During the first 11 months of the previous year, South Korea accumulated a surplus of $101.82 billion, surpassing the $86.68 billion recorded in the same period in 2024, setting a new record. The goods account surplus in November stood at $13.31 billion, with exports rising by 5.5 percent to $60.11 billion. Notably, chip exports surged by 38.7 percent year-on-year, while vehicle shipments increased by 10.9 percent.
In November, imports slightly decreased by 0.7 percent to $46.8 billion. The services account showed a deficit of $2.73 billion, mainly due to increased overseas travel demand, though this was an improvement from the previous month’s $3.75 billion deficit. The primary income account reported a surplus of $1.83 billion, driven by dividend earnings.
The financial account saw a net asset increase of $8.27 billion in November, up from the previous month’s $6.81 billion. South Korean residents’ overseas direct investment rose by $4.09 billion, while foreign direct investment in South Korea increased by $1.76 billion, resulting in a net increase of $2.33 billion in the financial account.
BOK official Song Jae-chang, in a press briefing, anticipates that the current account surplus for the previous year will reach the projected $115 billion level, considering the significant expansion in the trade surplus in December.
