Korea’s current account surplus widens in Nov. on robust chip exports

(Yonhap)

South Korea’s current account surplus widened sharply in November 2025, driven by strong exports of semiconductors, automobiles, and other products.

According to data released by the Bank of Korea (BOK) on Friday, the country’s current account surplus stood at $12.24 billion in November 2025.

The figure marked the 31st consecutive month of surplus, with the surplus exceeding $6.81 billion in October and $10.05 billion in November a year ago

When comparing November figures alone, it was the largest on record.

The cumulative current account surplus from January to November last year also reached a record $101.82 billion, up 17.5 percent from $86.68 billion in the same period a year earlier.

The goods account recorded a surplus of $13.31 billion in November, about 1.7 times larger than $7.82 billion in October, data showed.

It ranked fourth highest on a monthly basis and was the largest ever for November alone.

Exports stood at $60.11 billion in November, up 5.5 percent from $56.99 billion a year earlier.

The BOK noted that overall exports returned to year-on-year growth for the first time in two months, driven by a surge in information technology (IT) exports centered on semiconductors, and strong performance in the non-IT sector, including passenger cars.

Exports to Southeast Asia climbed 18.4 percent and to China 6.9 percent, while those to the United States fell 0.2 percent, the European Union slid 1.9 percent, and Japan dropped 7.7 percent.

Imports totaled $46.8 billion in November, down 0.7 percent from $47.11 billion a year earlier.

The decline was driven mainly by a 7.9 percent drop in raw material imports, reflecting falling energy prices, with imports of gas down 33.3 percent, petroleum products down 16.9 percent, and crude oil down 14.4 percent.

Capital goods imports, on the other hand, rose 4.7 percent, led by information and communications equipment (up 16.5 percent) and transport equipment (up 20.0 percent), while consumer goods imports jumped 19.9 percent.

Gold imports, in particular, surged 554.7 percent.

The services account registered a deficit of $2.73 billion in November.

Although the deficit narrowed from the previous month’s $3.75 billion, it widened from $1.95 billion a year earlier.

The travel deficit totaled 960 million, down from $1.36 billion a month earlier, as the number of outbound travelers declined after a surge during the Chuseok holiday.

The primary income account, which tracks wages of foreign workers and dividend payments overseas, recorded a surplus of $1.83 billion, down more than $1.1 billion from the previous month’s $2.94 billion.

In particular, the dividend income surplus plunged from $2.29 billion to $1.25 billion in one month as quarterly dividends were paid to overseas securities investors.

Net assets in financial account increased by $8.27 billion in November.

Direct investment of Koreans overseas rose by $4.09 billion, while that of foreigners in Korea increased by $1.76 billion.

In securities investment, Koreans’ overseas investments rose $12.26 billion while foreigners’ investments in Korea gained $5.74 billion.