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by IANS |
Seoul, June 20 (IANS) South Korea posted a record current account surplus with the United States last year, driven by strong exports of semiconductors, while it recorded a current account deficit with China, central bank data showed on Friday.
South Korea's current account surplus with the US totalled an all-time high of $118.23 billion in 2024, widening from a $87.76 billion surplus the previous year, according to the Bank of Korea (BOK), reports Yonhap news agency.
"The increase was attributable to rising exports of semiconductors and information and communication technology equipment, while the primary income account surplus also expanded due to higher dividend income," the BOK said in a release.
But South Korea reported a current account deficit of $29.04 billion with China in 2024, though the figure narrowed slightly from a $29.25 billion deficit the year before.
With Japan, South Korea saw its current account deficit narrow to $12.72 billion from $15.77 billion over the same period, even as its service account deficit widened due to increased travel-related payments.
The country's current account surplus with the European Union nearly tripled from $5.85 billion in 2023 to $17.09 billion last year, driven by strong exports, according to the BOK.
The country also posted a $56.52 billion current account surplus with Southeast Asian nations last year, while it recorded a $69.02 billion deficit with the Middle East.
Overall, South Korea's current account surplus widened to $99.04 billion in 2024, up sharply from $32.82 billion a year earlier, the data showed.
Meanwhile, South Korean stocks opened higher on Friday to continue their upward momentum, driven by gains in big-cap tech shares.
The benchmark Korea Composite Stock Price Index (KOSPI) rose 9.23 points, or 0.31 percent, to 2,986.97 in the first 15 minutes of trading.
Wall Street was closed overnight for a federal holiday commemorating the end of slavery in the United States.
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