Lead

South Korea posted an all-time high current account surplus in May, driven by robust semiconductor exports, central bank data showed Wednesday. According to the Bank of Korea (BOK), the current account surplus totaled US$38.61 billion in May, up from $28.29 billion the previous month. This marked the largest monthly current account surplus ever, surpassing the previous record of $37.93 billion set in March. Compared with the same month a year earlier, the figure surged from $9.91 billion.

South Korea has reported a current account surplus every month since May 2023, extending its winning streak to 37 consecutive months, marking the second longest in history, as reported by Yonhap News.

Coverage Comparison

The reports from Yonhap News highlight the record-breaking nature of the surplus, attributing it to strong export performance, particularly in semiconductors. The coverage also notes that the country posted its largest annual surplus on record in 2025, totaling $123.05 billion, exceeding the previous high of $105.1 billion set in 2015.

In addition to the current account figures, Yonhap reported on first-quarter financial data showing that excess funds held by South Korean businesses hit an all-time high. Net financial funds held by non-financial corporations totaled 20.8 trillion won (US$13.6 billion) at the end of March, up from 100 billion won three months earlier, according to BOK data. This marked the highest quarterly figure since the BOK began compiling the data in 2009.

Households' net financial funds also rose to 79.2 trillion won in the first quarter from 67 trillion won three months earlier. Financial assets held by households and non-profit organizations totaled 6,417.1 trillion won at the end of March, up 209.4 trillion won from three months earlier.

Key Claims

  • The current account surplus in May totaled US$38.61 billion, an all-time high, according to Bank of Korea data.
  • Exports of semiconductors surged in May, contributing to the surplus.
  • The goods account posted a surplus of $37.86 billion in May, the largest on record, as exports surged 62.9 percent on-year to $94.34 billion, while imports went up 22.2 percent to about $56.48 billion.
  • Exports of information technology products soared 128.9 percent from a year earlier, including a 167.7 percent surge in chip shipments and a 249.4 percent rise in computer peripherals.
  • The services account recorded a deficit of $1.09 billion in May, narrowing from the previous month's $2.42 billion.
  • The primary income account posted a surplus of $2.17 billion on increased dividend income.
  • The secondary income account recorded a $330 million deficit.
  • In 2025, the country posted its largest annual surplus on record at $123.05 billion.
  • In the first five months of the year, the cumulative current account surplus reached $141.28 billion, sharply higher than the $33.9 billion surplus posted during the same period last year.
  • A BOK official said, "We expected a current account surplus of $151.5 billion for the first half, and that figure will likely be exceeded in June. For 2026 as a whole, the annual current account surplus will likely surpass our earlier forecast of $250 billion."
  • Excess funds held by non-financial corporations totaled 20.8 trillion won at the end of March, an all-time high.
  • Households' net financial funds rose to 79.2 trillion won in the first quarter.
  • Household and non-profit organizations' financial assets totaled 6,417.1 trillion won at the end of March.
  • Their debts rose by 26 trillion won to 2,466.8 trillion won, and the ratio of financial assets to liabilities stood at 2.6.