Semiconductor Boom Fuels 56.9% Export Jump and Goods Surplus to All-Time High
Kim Young-hwan, director general of the Economic Statistics Department 1 at the Bank of Korea, speaks at a press briefing on the “Balance of Payments in March 2026 (Preliminary)” held at the Bank of Korea in Jung District, Seoul, on the morning of May 8. [Photo provided by Bank of Korea]
According to the Bank of Korea’s “Balance of Payments in March 2026 (Preliminary)” released on May 8, the current account recorded a surplus of $37.33 billion. It extended its surplus streak to 35 consecutive months, and the size of the surplus reached the highest level ever, surpassing February’s $23.19 billion.
By item, the goods account, which accounts for the largest share of the current account, posted a surplus of $35.07 billion. This was more than triple the figure from a year earlier, $9.69 billion, and marked an all-time high.
Exports came to $94.32 billion, surging 56.9% from March last year. Strong growth continued in semiconductors and information and communication devices, while petroleum products, chemical products, and passenger cars also turned to growth.
On a customs-clearance basis, exports of semiconductors (+149.8%), electrical and electronic products (+112.7%), information and communication devices (+78.1%), petroleum products (+69.2%), and ships (+11.4%) rose sharply from the same period last year.
By region, exports showed solid performance to Southeast Asia (68.0%), China (64.9%), the United States (47.3%), and Japan (28.5%), while exports to the Middle East (-49.1%) declined.
Imports stood at $59.24 billion, up 17.4% from a year earlier. The increase in consumer goods imports slowed, but the increase in capital goods widened and raw materials also turned to growth.
On a customs-clearance basis, imports of non-ferrous metals (44.8%), minerals (+38.3%), coal (+21.6%), chemical products (+20.5%), semiconductors (+34.5%), information and communication devices (+51.6%), and grains (+13.3%) increased.
The services account recorded a deficit of $1.29 billion, mainly due to other business services (-13.3%) and manufacturing services on physical inputs owned by others (-4.6%). The secondary income account posted a deficit of $300 billion. The primary income account recorded a surplus of $3.58 billion, led by dividend income (+27%).
Net financial account assets (assets-liabilities) increased by $36.99 billion in March. In direct investment, overseas investment by residents increased by $8.89 billion, while foreign direct investment in Korea increased by $3.77 billion. In portfolio investment, residents’ overseas investment decreased by $4.0 billion, centered on equities, and foreigners’ domestic investment decreased by $34.04 billion, also centered on equities.
Jung Min-hee
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