South Korea’s current account posted a surplus of $1.09 billion in July 2022, remaining positive for the third straight month but falling sharply from June’s $5.61 billion surplus as the goods balance turned negative for the first time in about ten years due to soaring import costs of energy and other commodities. The July figure was also much lower than the $7.71 billion surplus logged in the same period a year earlier. The goods account recorded a $1.18 billion deficit in July, down from the $5.55 billion surplus seen one year earlier. The services account recorded a $0.34 billion surplus, up from the $0.28 billion deficit seen one year earlier, owing to a large surplus in the transport account. The primary income account surplus decreased from $2.84 billion the year previously to $2.27 billion in July 2022. The secondary income account recorded a $0.34 billion deficit. source: The Bank of Korea
Current Account in South Korea averaged 1908.97 USD Million from 1900 until 2022, reaching an all time high of 12409.70 USD Million in June of 2016 and a record low of -3845 USD Million in August of 2008. This page provides the latest reported value for - South Korea Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Korea Current Account - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
Current Account in South Korea is expected to be 3500.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Korea Current Account is projected to trend around 7900.00 USD Million in 2023, according to our econometric models.