Overview
- South Korea reported a $37.33 billion current account surplus for March, the largest monthly total on record, on strong global demand for semiconductors.
- The goods balance reached a record $35.07 billion as exports rose 56.9% year over year to $94.32 billion, with information technology shipments up 111.7% and chips up 149.8%.
- The services account still showed a $1.29 billion deficit, but travel posted a $140 million surplus for the first time since November 2014 after BTS concerts drew a wave of visitors.
- In the financial account, net external assets increased by $36.99 billion, as residents invested more overseas and foreign investors cut Korean securities holdings by $34.04 billion.
- The Bank of Korea said the U.S.-Iran conflict had little effect on March trade and cautioned that its duration and the chip cycle could sway results next, after surpluses every month since May 2023.