S. Korea’s current account surplus hits $9.3b in Nov ’24

South Korea recorded a current account surplus of $9.30 billion in November 2024, according to preliminary data from the Bank of Korea.

The goods account drove the surplus with a $9.75 billion positive balance as exports rose by 1.2 per cent year-on-year (YoY) to $57.1 billion, while imports fell by 4.4 per cent to $47.35 billion. However, the services account posted a $2.09 billion deficit due to losses in manufacturing services, travel, and other business services.

The primary income account added a $1.94 billion surplus, supported by higher interest income, while the secondary income account showed a $0.3 billion deficit.

In the financial account, net assets increased by $9.76 billion in November. Direct investment assets rose by $2.84 billion, while portfolio investments recorded a net increase of $2.51 billion, driven by declining liabilities. Financial derivatives and reserve assets contributed net increases of $1.59 billion and $1.58 billion, respectively.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser