The current account posted a surplus of $38.61 billion in May, the Bank of Korea said on the 8th. That was an increase of $28.7 billion from a year earlier, the largest on record. The surplus extended for the 37th straight month, marking the second-longest streak since the 2000s.
The cumulative surplus for January–May came to $141.28 billion, already surpassing the full-year record set in 2025. The Bank of Korea said that at this pace, it expects a high likelihood of meeting the forecast of $250 billion presented in the May economic outlook.
According to the Bank of Korea's "May balance of payments (preliminary)," the goods balance stood at $37.86 billion. It increased by $2.18 billion from the previous record in March ($35.68 billion), setting a new all-time high. The Bank of Korea said, "The export growth rate was 62.9% year over year, outpacing the import growth rate (22.2%), widening the surplus."
This current account surplus is seen as being driven by strong semiconductor exports. Goods exports came to $94.34 billion, with IT items up 128.9% from a year earlier. Non-IT items rose 10%. A Bank of Korea official said, "Semiconductor exports are so strong that the non-IT institutional sector looks relatively lower, but it is not a bad situation."
The services balance posted a deficit of $1.09 billion, but the shortfall narrowed from the previous month's $2.42 billion deficit. Among them, the travel balance swung to a surplus of $50 million. The number of inbound travelers rose 19.4% from a year earlier, boosting foreign tourist arrivals.
The primary income balance was $2.17 billion, swinging to a surplus from the previous month's $2.53 billion deficit. The dividends income balance recorded $1.15 billion, a major factor in the turnaround from the previous month's $2.53 billion deficit.
Net worth in the financial account rose by $31.08 billion as stock investment increased. It was the second-largest increase on record after March ($36.99 billion). Securities investment was $30.89 billion, more than six times the previous month's $4.71 billion. The Bank of Korea said, "With the strong U.S. stock market, the increase expanded mainly in general government and other financial institutions."