S. Korea's December current account surplus hit record-high in 2024

Following a stellar performance last December, Korea's current account marked a remarkable surplus last year at over 99-billion dollars, more than triple the size noted in 2023.

Choi Min-jung covers the latest numbers.

South Korea's current account surplus hit an all-time high for the month of December.

According to data released by the Bank of Korea on Thursday, the country posted an almost 12-point-4 billion-dollar current account surplus in December 2024.

This marks the largest December surplus on record.

It's also the third-largest monthly surplus in South Korean history.

The hike was thanks to strong exports and increased dividend earnings.

Exports increased annually by 6-point-6-percent to 63 billion dollars.

The continued growth in semiconductors and IT products, along with a slowdown in the decline of non-IT products such as automobiles, contributed to a higher export growth rate.

The primary income account, or the net income earned by a country from its foreign investments, as well as wages paid to foreign workers, posted a 4-point-8 billion dollar surplus in December.

In particular, the dividend income surplus reached 3-point-6 billion dollars.

As a result, the cumulative current account surplus for 2024 reached 99 billion dollars,. more than three times the surplus in 2023.

On an annual basis, this is the second-largest current account surplus on record, following the figure posted in 2015.

Choi Min-jung, Arirang News.