Korea posts 5th-largest current account surplus in January: BOK

Containers are stacked at a pier in Korea's largest port city of Busan, July 2. Yonhap

Korea recorded its fifth-largest monthly current account surplus in January, driven by a semiconductor upcycle and strong exports, central bank data showed Friday.

The current account surplus totaled $13.26 billion in January, down from $18.7 billion in December, according to the Bank of Korea (BOK).

Compared with the same month a year earlier, however, the figure surged 397.4 percent, marking the fifth-largest monthly surplus on record.

Korea has recorded a current account surplus every month since May 2023, extending its surplus streak to 33 consecutive months, the second longest in history.

The nation logged the largest yearly surplus of $123.05 billion in 2025, surpassing the previous high of $105.1 billion set in 2015.

The goods account posted a surplus of $15.17 billion in January, the third-largest monthly figure on record, as exports jumped 30 percent on-year to $65.51 billion, while imports added 7 percent to $50.34 billion.

Chip exports soared 102.5 percent from a year earlier, while vehicle shipments increased 19 percent.

The services account recorded a deficit of $3.8 billion in January due mainly to a surge in overseas travel demand.

The primary income account, which includes wages of foreign workers, as well as dividend and interest income from abroad, posted a surplus of $2.72 billion, driven primarily by dividend earnings.

The secondary income account recorded a deficit of $830 million.

In the financial account, the country's net assets increased by $5.63 billion in January, sharply slowing from a $23.77 billion rise the previous month.

Overseas direct investment by Korean residents rose by $7.04 billion, while foreign direct investment in Korea increased $5.34 billion.

In securities investment, Korean investors increased their overseas holdings, mostly in stocks, by $13.46 billion in January, while foreign investors boosted their investments here by $4.69 billion, the data showed.

"If the Middle East crisis prolongs and oil prices continue to rise, import costs will increase and exports will slow, affecting our goods account," BOK official Yoo Sung-wook told a press briefing.

"Potential disruptions to shipping through the Strait of Hormuz or other key routes could push up freight rates and affect the services account as well. Close monitoring is needed," he added.

Global oil prices have surged this week following U.S.-Israeli military operations against Iran, escalating tensions in the broader region.