Han Media: South Korea's Current Account Surplus Reaches $13.5 Billion in September, a Record High for September
¬ Continuous 29 months of surplus ... the highest on record for September
Thanks to strong chip exports, South Korea's current account balance recorded a surplus for the 29th consecutive month in September, making it the second-longest surplus record since the 2000s of the 21st century.
On the 6th, the Bank of Korea released preliminary statistics for South Korea's current account balance in September, showing a surplus of $13.47 billion (approximately 19.4 trillion Korean won), ranking second in history and also the highest value for any September.
Exports (67.27 billion USD) increased by 9.6% year-on-year. According to customs data, chip exports increased by 22.1%, while exports of passenger vehicles (14.0%), chemical products (10.4%), and precision machinery (10.3%) also rose. Exports of computer peripherals decreased by 13.5%. However, the growth in exports of passenger vehicles and other goods is attributed to the "base effect" caused by the Chuseok holiday in September 2024.
Imports (53.02 billion USD) increased by 4.5% year-on-year. The decline in imports of crude oil (-13.3%) and petroleum products (-9.8%) was due to falling international oil prices. In contrast, domestic consumption recovery and an increase in working days led to increases in imports of information and communication equipment (29.9%), transportation equipment (24.4%), and chip manufacturing equipment (11.6%).
The service account recorded a deficit of 3.32 billion USD. The travel account ( -9.1 billion USD) and intellectual property usage fee account ( -8.5 billion USD) recorded deficits. The primary income account showed a surplus of 2.96 billion USD, reaching the second-highest level in history. Investment in securities increased by 11.19 billion USD, driven by South Koreans investing in overseas stocks, and foreign investment in South Korean stocks also increased by 9.08 billion USD. In terms of direct investment, South Koreans' investments abroad increased by 5.66 billion USD, while foreign investments in South Korea increased by 1.8 billion USD.
Source: Chosun Ilbo
Original article: www.toutiao.com/article/1848013008157760/
Statement: This article represents the views of the author.