South Korea current account surplus hits record $61.46 billion in September

South Korea's September current account surplus reached a record $61.46 billion, marking 41 consecutive months of surplus and the first time the monthly figure has exceeded $60 billion. Driven by a $62.75 billion goods account surplus, semiconductor prices and volumes rose by 182.1% and 30.5% respectively.

South Korea's current account has surpassed the $60 billion monthly threshold for the first time, bolstered by robust semiconductor exports. The scale of the current account surplus reached an all-time high as exports of IT items, centered on semiconductors, surged.

According to the "September 2026 Balance of Payments" results announced by the Bank of Korea on November 5, 2026, the September current account recorded a surplus of $61.46 billion. This marks 41 consecutive months of surplus since May 2023. This surplus represents the longest continuous surplus streak since March 2019 and is the first time the monthly figure has exceeded $60 billion. The increase in the surplus also set a record, rising by $47.2 billion compared to the same month last year and $15.3 billion compared to the previous month.

Goods Account Drives Surplus with $62.75 Billion Surplus Led by Semiconductors

The primary driver of this massive current account surplus was the goods account, which recorded a surplus of $62.75 billion. September exports reached $130.72 billion, hitting an all-time high as IT items, including semiconductors and computer peripherals, showed high growth. In particular, semiconductors led export growth through a simultaneous rise in both price and volume, with prices increasing by 182.1% and volume increasing by 30.5%.

Imports totaled $67.97 billion. While imports of raw materials and capital goods increased, passenger car imports rebounded among consumer goods, maintaining an upward trend. The current account surplus for the month of September alone reached half of the total surplus recorded for the entire previous year, and the total surplus for the third quarter also exceeded the total for the previous year.

Service and Primary Income Accounts Fluctuate as Non-IT Items Perform Well

In contrast to the record performance of the goods account, the service account showed a deficit of $3.35 billion. The transport account saw its surplus narrow due to an increase in charter hire payments compared to the previous month, and the deficit in the intellectual property royalties account widened as the seasonal effect of concentrated income from the previous month disappeared. The travel account recorded a deficit similar to the previous month as both the number of incoming and outgoing travelers decreased following the end of the summer peak travel season. The primary income account recorded a surplus of $2.65 billion as the seasonal impact of quarterly dividend payments from securities investments from the previous month subsided.

Looking at specific export items, the contribution of semiconductors was overwhelming. Based on cumulative customs clearance exports from January to September, semiconductors contributed approximately 45.2 percentage points to the increase in exports. While the export growth rate for non-IT items excluding semiconductors was around 20.2%, items such as petroleum products, steel, ships, pharmaceuticals, and defense products showed favorable performance, supporting the overall increase in exports.

Expectations for $1 Trillion Annual Export Era Amid Dividend and U.S. Election Variables

Future outlooks involve a mix of positive expectations and cautious views. The annual export forecast of $450 billion set by the research department in August appears achievable, considering the monthly average is approximately $36.05 billion. As cumulative exports through September have reached $864 billion, there are expectations for achieving $1 trillion in customs clearance exports by the end of the year based on data such as that from the Korea Customs Service.

However, downside factors exist. In October, exports may decrease slightly and imports may increase compared to September, which could lead to an adjustment in the current account surplus. Additionally, recent shareholder policies, including dividend issues, could act as downside factors, and external variables, such as changes in the investment environment for AI and data centers following the results of the U.S. midterm elections, are also noted as factors to monitor.

Source: original video (YouTube)