South Korea reported a current account surplus of $6.93 billion in March, according to a recent announcement by the Bank of Korea. This represented an increase from February's figure of $6.86 billion.
The goods account saw a surplus of $8.09 billion, bolstered by a 3.0% increase in exports, which amounted to $58.27 billion. Meanwhile, imports declined by 13.1% to land at $50.18 billion, all figures in comparison to the same period last year.
However, the services account posted a deficit of $2.43 billion due to shortfalls in intellectual property usage and travel account balances.
In contrast, the primary income account reported a $1.83 billion surplus, largely driven by an uptick in equity income. Meanwhile, the secondary income account registered a slightly less significant deficit of $0.56 billion.
Turning to the financial account, the net assets witnessed an increase of $11.06 billion in March. The month also saw direct investment assets grow by $2.83 billion, while direct investment liabilities expanded by $1.61 billion, creating a net growth of $1.22 billion.
Portfolio investment assets rose by $8.88 billion, while their liabilities dropped by $0.84 billion, resulting in a net growth of $9.72 billion. Additionally, financial derivatives saw a net increase of $0.78 billion.
Conversely, other investments experienced a net decrease of $4.22 billion, with asset values dropping by $0.04 billion and liabilities climbing by $4.18 billion. However, reserve assets expanded by $3.56 billion.
For the first quarter of 2024, the Bank reported a current account surplus of $16.84 billion.