South Korea ranks second in current account surplus — Korea Herald

South Korea recorded a current account surplus of $116.63 billion in April—June, ranking second among major economies. Only China posted a higher figure, at $193.72 billion, Korea Herald reports, citing International Monetary Fund data available through the Bank of Korea’s Economic Statistics System.

Comparison with Germany and Japan

Germany ranked third with a surplus of $52.28 billion, while Japan was fourth with $50.62 billion. The combined surplus of these two countries amounted to $102.9 billion, which was $13.73 billion lower than South Korea’s figure.

This is the first time since the first quarter of 1996 that South Korea’s surplus has exceeded the combined figures of Germany and Japan. Comparable data for all three countries have been available since that period.

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The role of chip exports

Year on year, South Korea’s current account surplus increased more than fourfold, from $28.39 billion. By comparison, the figures for Germany and Japan rose by 11.9% and 5%, respectively.

The increase was driven by a surge in semiconductor exports amid rising chip prices and strong global demand. According to the Ministry of Data and Statistics, South Korea’s semiconductor exports grew by 181.6% year on year in the second quarter, reaching $113.89 billion.