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The Bank of Korea’s compilation of International Monetary Fund data showed South Korea’s current account surplus reaching $116.63 billion in the April-June period, placing the country second among 36 major economies. China led with a $193.72 billion surplus while Germany ranked third at $52.28 billion and Japan fourth at $50.62 billion. The Korean figure exceeded the combined German and Japanese surpluses of $102.9 billion by $13.73 billion, according to the central bank’s Economic Statistics System.
This outcome represented the first instance of South Korea outstripping the combined current account surpluses of Germany and Japan since comparable data for the three countries became available in the first quarter of 1996. South Korea’s surplus more than quadrupled from $28.39 billion in the same quarter a year earlier, according to IMF figures. In contrast, Germany’s surplus rose 11.9 percent and Japan’s increased by 5 percent over the period.
Semiconductor exports drove much of the expansion amid rising chip prices and sustained global demand for artificial intelligence applications, a Ministry of Data and Statistics assessment found. The ministry’s figures show semiconductor exports surged 181.6 percent on year to $113.89 billion in the second quarter. The momentum carried into the third quarter as those exports climbed 218.7 percent to $148.02 billion.
The International Monetary Fund projected in its October World Economic Outlook that South Korea’s full-year current account surplus would reach about $421.95 billion, keeping it in second place behind China’s anticipated $863.21 billion. Bank of Korea officials have indicated the annual surplus could approach $500 billion. That level would equate to 18.8 percent of gross domestic product, the highest such ratio since 1980.
Economists have cautioned that the surplus does not necessarily reflect broad economic improvement due to its heavy reliance on semiconductors, according to an Aju Press review of expert commentary. They warned that the record surplus driven by export windfalls could shrink rapidly if the artificial intelligence boom loses momentum or competition pushes prices lower. The reports stressed the need to diversify exports for more balanced and sustainable growth while preparing for changes in the global semiconductor market.
Recent monthly data reinforced the trend with the Bank of Korea reporting a $46.11 billion current account surplus in August that marked the second-highest monthly reading on record. The January-to-August cumulative surplus stood at $279.2 billion, nearly four times the level from a year earlier. Semiconductor and information technology products continued to anchor the goods balance that underpinned these gains.
