S.Korea’s current account at near 7-year high on strong chip exports

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S.Korea’s current account at near 7-year high on strong chip exports - Korea Economic Daily

Quick Summary:

South Korea reported the biggest monthly current account surplus in six years and nine months thanks to robust exports of semiconductors, but the growth is projected to slow down in the second half because of an anticipated rise in imports.Asia’s No.4 economy reported $12.26 billion in current account surplus on a seasonally adjusted basis in June, the largest monthly gain since September 2017 with a profit of $12.34 billion, the Bank of Korea’s data showed on Wednesday.

STRONG EXPORTS BEHIND THE NEAR 7-YEAR HIGH SURPLUSThe central bank attributed the handsome goods surplus to the brisk sales of Korean chips abroad, which helped elevate the country’s exports in the same month to $58.82 billion, up 8.7% from a year ago.

For the first six months of this year, Korea’s current account surplus reached $37.73 billion, beating the Bank of Korea’s estimate of $27.9 billion.