South Korea’s export boom gathered momentum in June, with soaring semiconductor shipments driving the country’s current-account surplus to a record high and putting it well ahead of the central bank’s full-year forecast.
The Bank of Korea said on August 6 that the current-account surplus reached $49.7 billion in June, topping the previous record of $38.6 billion set a month earlier. The country has now recorded current-account surpluses for 38 consecutive months, highlighting the resilience of its export-driven economy despite persistent global uncertainty.
For the first half of 2026, the cumulative surplus totaled $191.0 billion, nearly four times the level recorded a year earlier and the largest first-half surplus on record. The figure has already exceeded three-quarters of the central bank’s $250 billion forecast for the full year.
Bank of Korea officials attributed the surge primarily to an extraordinary rally in semiconductor exports, which fueled the strongest goods surplus ever recorded.
“The sharp increase in the current-account surplus was driven overwhelmingly by the goods balance, supported by unprecedented strength in semiconductor exports,” Kim Young-hwan, director general of the central bank’s Economic Statistics Department, said during a briefing.
He added that July is also expected to produce a record surplus for the month, even though customs data suggest the trade balance moderated slightly from June.
The goods surplus climbed to an all-time high of $47.9 billion as exports rose 84.5% from a year earlier to $112.4 billion, marking the first time monthly goods exports have exceeded $100 billion.
Semiconductors remained the primary growth engine, while exports of information-technology products, machinery, precision equipment and passenger vehicles also strengthened.
Exports of solid-state drives and other computer storage devices surged 282.7%, semiconductor exports nearly tripled from a year earlier, and wireless communications equipment posted another strong gain.
The United States, China and Southeast Asia all recorded robust increases in demand for South Korean products, reflecting broad-based export strength across major markets.
Imports also increased, rising 38.6% to $64.5 billion, led by stronger purchases of semiconductor equipment, energy products and industrial materials. Even so, import growth remained well below the pace of exports, widening the trade surplus.
The services account posted a $1.3 billion deficit, though the travel balance remained in surplus for a second consecutive month.
A rebound in inbound tourism helped lift the travel surplus to $440 million, one of the highest monthly readings on record, as foreign arrivals continued to recover while outbound travel eased amid higher airfare surcharges
The primary income surplus expanded to $3.3 billion, supported by higher dividend income.
The financial account also reached a record level, with net foreign assets increasing $46.7 billion during the month.
Foreign investors, however, were heavy sellers of South Korean equities, reducing their holdings by a record $31.6 billion as investors locked in profits and rebalanced global portfolios. In contrast, South Korean investors continued adding overseas assets, underscoring persistent outbound investment demand.
