South Korea's April Current Account Surplus Hits Record High on Semiconductor Boom

South Korea's current account surplus surged to $28.29 billion in April, marking the largest surplus ever recorded for the month of April. This significant economic performance, second only to the record-breaking surplus of $37.93 billion in March, highlights the powerful impact of the semiconductor super-cycle on the nation's economy.

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The current account surplus for April is the largest on record for the month.

According to the Bank of Korea's preliminary 'April International Balance' report, the surplus has now exceeded $20 billion for three consecutive months, a first in the country's history. The cumulative surplus from January to April reached an impressive $102.67 billion, a more than fourfold increase compared to the $24 billion recorded during the same period last year.

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It has exceeded $20 billion for the first time in three consecutive months.

"The current account surplus for April is the largest on record for the month," stated Yoo Sung-wook, head of the Bank of Korea's Financial Statistics Department. He further noted that South Korea's first-quarter surplus of $74.4 billion placed it second globally, trailing only China. This represents a significant climb from the previous year when it ranked fifth.

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Compared to the current accounts of major countries, the first quarter surplus of $74.4 billion is the second highest after China.

The goods balance also contributed substantially, recording a surplus of $33.88 billion in April. This figure, while slightly lower than March's $35.68 billion, remains the second-largest on record for April, underscoring the robust performance of South Korea's export-driven economy.

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Last year, we were ranked fifth after China, Germany, Japan, and Taiwan, but we rose to second place in the first quarter of this year.