MENA Newswire News Desk: The Republic of Korea recorded its sixth consecutive monthly current account surplus in October, bolstered by strong exports of semiconductors and automobiles, according to data released by the Bank of Korea on Friday. The current account surplus reached $9.78 billion in October, slightly below the $10.94 billion reported in September. This sustained trend began in May, with the cumulative surplus for the first ten months of 2024 surging to $74.24 billion, more than triple the amount recorded during the same period last year, according to Yonhap News Agency.
The goods account, a key driver of the surplus, posted $8.12 billion in October. This marks the 19th consecutive month of surplus in goods, though the figure showed a decline from the $10.49 billion surplus achieved in September. The services account continued to run a deficit, reporting a shortfall of $1.73 billion in October. This represents an improvement over the previous month’s $2.24 billion deficit, reflecting gradual recovery in service-related sectors.
Meanwhile, the primary income account, which tracks earnings such as wages of foreign workers and returns on overseas investments, delivered a $3.45 billion surplus. This figure marked an increase from September’s $3.09 billion, contributing to the overall surplus. The steady performance of Korea’s current account underscores the resilience of its export-driven economy, particularly in high-demand sectors like semiconductors and automotive manufacturing.
The narrowing deficits in services and the rising surplus in income accounts further reflect balanced growth across different economic indicators. South Korea’s central bank continues to monitor these trends as global economic conditions fluctuate, with the country’s trade and financial sectors playing pivotal roles in sustaining its economic momentum.