South Korea's Current Account Surplus Exceeds Germany and Japan Combined for First Time
Published
South Korea's current account surplus for the second quarter of this year totaled 116.63 billion US dollars. This was confirmed in the International Monetary Fund (IMF) current account statistics for major countries, published on the Bank of Korea's Economic Statistics System. The surplus is larger than the combined current account surpluses of Germany and Japan, both known as manufacturing powerhouses, and this is the first time in history that this has occurred.
The current account is the sum of all transactions a country conducts with other countries, including exports and imports of goods and services, and income received from and paid to abroad. A current account surplus means that more money flows into the country from abroad than flows out. Conversely, a deficit means that more money flows out.
South Korea is a country where manufacturing exports, such as semiconductors, automobiles, and petrochemical products, account for a large share of the economy. These statistics show that this export-driven economic structure is clearly evident in international comparisons as well. Germany and Japan have also long recorded current account surpluses through manufacturing exports, so this result can be seen as data reflecting a shift in South Korea's position.
These statistics can be checked by anyone on the Bank of Korea's Economic Statistics System. The current account can be understood more accurately when examined alongside other economic indicators such as exchange rates, prices, and interest rates.
Sources: 연합뉴스
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