KOREAN NET

The current account last year posted a surplus of USD 99.04 billion per tentative data on balance of payments released on Feb. 6 by the Bank of Korea. (Incheon Port Authority)

By Aisylu Akhmetzianova

The current account balance last year posted a surplus exceeding USD 99 billion, a 300% jump from 2023, thanks to strong semiconductor exports and dividends from overseas investments.

Releasing tentative data on balance of payments, the Bank of Korea on Feb. 6 said the 2024 surplus of USD 99.04 billion was a three-fold jump from USD 32.82 billion in 2023.

December last year finished USD 12.37 billion in the black, an all-time high for the month.

The trade surplus in December was USD 10.43 billion, up from USD 8.66 billion in the same month in 2023 and USD 9.88 billion in November last year.

Exports grew 6.6% year on year to USD 63.3 billion.

By export item, information and communication devices rose 37%, semiconductors 30.6% and steel products 6% on a customs clearance basis.

The top export market was Southeast Asia (15.4%), followed by the European Union (15.2%) and China (8.6%).

Imports in December last year also 4.2% year on year, with those of capital goods rising 24.4% and consumer goods 1.2%.

aisylu@korea.kr