The Bank of Korea (BOK) has reported that South Korea’s current account surplus for June reached an impressive $5.87 billion. This marks a substantial increase, surging over threefold from May’s surplus of $1.93 billion and representing the highest surplus recorded in a year. This surge can be attributed to the expansion of trade and investment activities within the country.
The goods surplus for June stood at $3.98 billion, surpassing the previous month’s $1.82 billion surplus. On the other hand, the services deficit widened to $2.61 billion in June from $0.91 billion, while the primary income surplus saw an expansion to $4.85 billion from the previous $1.42 billion.
However, for the first half of 2023, South Korea reported a cumulative current account surplus of $2.44 billion. This figure significantly contrasts with the $24.87 billion surplus achieved during the same period in the previous year.
Looking ahead, the BOK has provided a forecast that anticipates a current account surplus of $24 billion for South Korea in the entirety of 2023. As the country continues to navigate global economic dynamics, this prediction indicates a positive trajectory that aligns with the recent growth in trade and investment activities.