(Yonhap)
South Korea posted its largest current account surplus of $37.33 billion in March, driven by strong exports of semiconductors, data showed on Friday.
According to data released by the Bank of Korea, the current account surplus for March stood at $37.33 billion. This figure far exceeded the previous monthly record of $23.19 billion in February and marked the 35th consecutive month of surplus, the second-longest streak since the 2000s.
The cumulative surplus for the first quarter reached $73.78 billion, about 3.8 times higher than the same period last year.
The goods account recorded a surplus of $35.07 billion in March, the largest ever, and more than 3.6 times higher than the same month last year.
Exports jumped 56.9 percent from a year earlier to a record $94.32 billion, driven by robust demand for information technology products, especially semiconductors and computer peripherals. Non-IT exports also rose on more working days and higher petroleum product prices.
Exports of computer peripherals surged 167.5 percent, while semiconductor exports soared 149.8 percent. Shipments of petroleum products rose 69.2 percent, wireless communication devices gained 13.1 percent and chemical products increased 9.1 percent.
By destination, exports to Southeast Asia climbed 68 percent, while shipments to China rose 64.9 percent, the U.S. 47.3 percent and Japan 28.5 percent. Exports to the Middle East fell 49.1 percent.
Imports rose 17.4 percent to $59.24 billion. Capital goods imports increased 23.6 percent, led by information and communication devices, transport equipment and semiconductors.
Raw material imports rose 8.5 percent, rebounding after six months of decline on higher chemical product imports, while consumer goods imports edged up 2.1 percent.
The services account posted a deficit of $1.29 billion in March, narrowing from both a year earlier and the previous month.
The travel account posted a surplus of $140 million, turning positive for the first time since November 2014, supported by increased domestic travel during the spring season.
The primary income account surplus widened to $3.58 billion in March from $2.48 billion in February, helped by higher dividend income from direct and portfolio investments.
Net assets in the financial account increased by $36.99 billion in March.
Direct investment of Koreans overseas increased by $8.89 billion while that of foreigners in Korea rose by $3.77 billion.
In securities investment, Koreans’ investment overseas gained by $4 billion and foreigners’ investment in Korea rose by $34.04 billion.
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