South Korea’s current account surplus expands in February fueled by export rebound

(MENAFN) South Korea’s current account surplus experienced a notable rise in February compared to the previous month, fueled by a rebound in exports, as reported by the Bank of Korea (BOK) on Tuesday.

The country’s current account balance, which serves as the most comprehensive indicator of international trade, achieved a surplus of 7.18 billion U.S. dollars in February, a significant increase from the 2.94 billion dollar surplus recorded in January.

This upward trend marks the 22nd consecutive month of current account surpluses for South Korea, a streak that began in May 2023. The primary factor behind this growth was the increase in the trade surplus for goods, which soared to 8.18 billion dollars in February, up from 2.50 billion dollars in January, reflecting a recovery in export activity.

In detail, exports rose by 3.6 percent year-on-year to 53.79 billion dollars in February, a significant turnaround from the 9.1 percent decline seen in January. Meanwhile, imports experienced a slight increase of 1.3 percent, totaling 45.61 billion dollars.

Despite the improvement in the trade balance, the service account deficit widened to 3.21 billion dollars in February, compared to 2.06 billion dollars in January. On the other hand, the primary income account, which encompasses earnings from salaries and investments, reported a surplus of 2.62 billion dollars in February, bolstered by dividend income from foreign stock investments.

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