SEOUL, KOREA – South Korea’s current-account surplus set a new record in 2012 despite the economic slowdown at home and abroad. According to a statement from the Bank of Korea, last year’s current-account surplus amounted to USD 43.25 billion, an increase of USD 17.18 billion from the year before. This figure broke the record of USD 42.64 billion set in 1998.
South Korea has run a current-account surplus in each of the past 15 years since 1998. The great surge has largely resulted from the country’s balance of trade in services becoming overall positive in the past 14 years. Korea’s goods balance saw a large surplus owing to a slight increase in exports and a drop in imports. Exports last year reached an all-time record of USD 552.7 billion, up by 0.2% from the previous year. Imports amounted to USD 514.2 billion, a drop of 1.1% from the previous year.
However, the current account surplus from last December was posted at USD 2.25 billion, the lowest in eight months. An official from the Bank of Korea attributed the decline in the surplus to seasonal factors, namely fewer business days due to the election and Christmas Day.
