The current account posted a surplus of $28.29 billion in April, the Bank of Korea said on the 5th. Following March's record surplus of $37.93 billion, it was the second largest on record. The surplus run lasted 36 consecutive months, the second longest since 2000.
According to the Bank of Korea's balance of payments for April released that day, exports came to $90.59 billion, up 54.5% from a year earlier and the second highest on record. The Bank of Korea said exports "remained strong, led by semiconductors and computer peripherals," and noted that "non-IT items also increased on the back of higher petroleum product prices, sustaining a high growth rate." Based on customs-cleared trade in April, IT rose 125.9% from a year earlier. Within IT, computer peripherals jumped 411.3% and semiconductors climbed 171.4%.
Imports, by contrast, rose 16.1% from a year earlier to $56.7 billion. International oil prices climbed due to the U.S.-Iran war, and capital goods such as semiconductors and equipment increased sharply, sustaining the uptrend.
The goods balance, which subtracts imports from exports, recorded a surplus of $33.88 billion. The goods surplus was also the second largest on record, following March's all-time high of $35.68 billion.
The services account posted a deficit of $2.42 billion. In particular, the travel balance recorded a deficit of $30 million. However, the Bank of Korea said, "The number of arrivals in April exceeded 2 million, showing a considerable improvement from a year earlier."
The primary income account logged a deficit of $2.53 billion. The dividend income balance recorded a deficit of $3.02 billion. This is attributed to corporations' higher dividend payout tendencies and the seasonal effect of dividend payments being concentrated in April.
On the financial account, net worth increased by $25.46 billion. In securities investment, residents' overseas investment increased by $8.22 billion, and nonresidents' investment in Korea increased by $3.51 billion. Residents' overseas investment was concentrated in stocks, while nonresidents' investment in Korea was centered on bonds. In direct investment, residents' overseas investment rose by $6.24 billion, but nonresidents' investment in Korea fell by $1.36 billion.