South Korea posts second-highest $46.11B current-account surplus

South Korea's current account surplus reached $46.11 billion in August, the second-highest on record after June's $49.73 billion, Bank of Korea preliminary data released Thursday showed. Goods surplus was $46.81 billion as exports rose 82.1 percent to $104.8 billion and imports rose 23.8 percent to $57.99 billion. Services deficit was $1.68 billion. The surplus topped $40 billion for three months and marked the 40th consecutive month since May 2023. January-August cumulative surplus was $279.2 billion versus $69.67 billion a year earlier. The bank revised its annual forecast from $250 billion to $450 billion. Yu Seong-wook, head of the Financial Statistics Department, said semiconductor prices have risen by over 100 percent and volumes also increased by nearly 10 percent, and the non-semiconductor sector is not performing poorly either. He said goods exports surpassed $100 billion on strong semiconductor exports and the services balance also improved. He said September customs exports appear very high so September should perform even better than August, and based on trends through August the bank is generally aligned with the forecast, of which $259 billion was projected for the second half. Large corporate dividends and Middle East conflict uncertainties are factors to consider. Semiconductor exports surged 206.1 percent on customs data. CONTESTED: none found in record.