September Current Account Surplus Hits 'Record High,' Tops $60 Billion in One Month (Update)

September surplus hits $61.46 billion, topping previous record by $11.73 billion
Cumulative January-September current account surplus soars to $340.66 billion
Annual surplus to top $500 billion if it averages $53.11 billion over the remaining three months

Korea's cumulative current account surplus from January to September reached $340.66 billion. This came after the current account surplus in September exceeded $60 billion, significantly surpassing the previous record of $49.73 billion set in June. At a press conference following last month's base rate decision, Bank of Korea Governor Shin Hyun-song had already signaled that the central bank would raise its current account surplus forecast for this year from $450 billion. If the surplus averages at least $53.11 billion per month over the remaining period from October to December, the current account surplus for the year will exceed $500 billion.

According to the "September 2026 Balance of Payments (Preliminary)" released by the Bank of Korea on the 5th, Korea posted a current account surplus of $61.46 billion in September. It topped $60 billion in a single month, easily surpassing the previous record of $49.73 billion set in June by $11.73 billion.

The record current account surplus was driven by the goods balance, which accounts for the largest share of the current account. The goods balance posted a surplus of $62.75 billion, also setting a new record alongside the current account.

Goods exports, at $130.72 billion, also reached a record high after exceeding $100 billion for the fourth consecutive month. Exports of IT and non-IT goods rose 195.8% and 13.4%, respectively, from a year earlier. In September customs-clearance data, IT exports increased, led by computer peripherals, including solid-state drives (SSDs) (392.3%), and semiconductors (260.3%). Wireless communication devices fell 1.5%. Among non-IT goods, petroleum products (73.3%), steel products (6.7%), machinery and precision instruments (6.3%), and chemicals (2.5%) increased. Passenger cars, by contrast, declined 5.6%.

Goods imports, at $67.97 billion, continued to rise, led by raw materials (21.3%) and capital goods (42.3%). Consumer goods (2.0%) also continued to increase, and the overall rate of growth widened.

The services balance widened its deficit to $3.35 billion. This was due to a narrower surplus in the transport balance, which stood at $130 million as charter payments increased from the previous month, and a wider deficit in the intellectual property rights usage fees balance, which stood at $770 million, as the previous month's seasonal concentration of such income came to an end. The travel balance posted a deficit of $770 million, similar to the previous month, as both arrivals and departures declined following the end of the summer peak season for overseas travel.

The primary income balance surplus grew to $2.65 billion. The dividend income balance surplus widened to $2.24 billion as the seasonal impact of quarterly dividend payments on portfolio investments in the previous month subsided.

Net assets in the financial account, calculated as assets minus liabilities, increased by $54.34 billion, a larger gain than in the previous month. Direct investment increased by $11.43 billion in residents' overseas investment, while foreign investment in Korea rose by $6.52 billion, returning to growth. Portfolio investment by residents abroad increased by $16.63 billion, the second-largest increase on record. Although equity investment declined, debt securities rose, keeping the total at the high level seen in the previous month. Net investment in debt securities, at $6.72 billion, set a new record, driven by the increased appeal of overseas bonds. Foreign investment in Korea fell by $13.81 billion, mainly in equities. Financial derivatives decreased by $3.15 billion, while other investment assets increased by $24.75 billion, mainly in cash and deposits, and liabilities rose by $2.34 billion, mainly in borrowings. Reserve assets declined by $270 million.

This content was produced with the assistance of AI translation services.