South Korea posted its largest-ever annual current account surplus in 2025, fueled by robust exports amid strong semiconductor demand. According to Bank of Korea data, the surplus reached $123.05 billion, up from $99.97 billion the previous year. This marks a new record, surpassing the prior high of $105.1 billion set in 2015.
The Bank of Korea (BOK) announced on February 6 that South Korea's current account surplus for 2025 totaled $123.05 billion. This figure rose from $99.97 billion in 2024 and exceeded the BOK's forecast of $115 billion.
The record surplus was propelled by strong exports during a semiconductor upcycle. The goods account posted a $138.07 billion surplus, with exports climbing 2.1 percent year-on-year to a new high of $718.94 billion. Semiconductor shipments surged 21.9 percent to $175.3 billion, vehicle exports edged up 0.3 percent to $68.55 billion, and vessel exports soared 24 percent to $30.38 billion.
However, the services account recorded a $34.52 billion deficit, wider than the $29.43 billion deficit in 2024, mainly due to increased overseas travel and intellectual property payments. The primary income account, covering foreign worker wages, overseas dividends, and interest income, showed a $27.92 billion surplus, slightly up from $26.78 billion the year before.
"The current account surplus surpassed $100 billion for the second time ever in 2025 thanks to the semiconductor supercycle and falling global oil prices," BOK official Kim Young-hwan said at a press briefing. "Though uncertainties remain regarding the United States' tariff policies and geopolitical risks, the current account is expected to remain solid this year," he added.
In December, the surplus hit a monthly record of $18.7 billion. The goods account surplus reached $18.85 billion, with exports up 13.1 percent to $71.65 billion and imports rising 1.7 percent to $52.8 billion. The services deficit widened to $3.69 billion, attributed to winter vacation travel demand, while primary income surplus jumped to $4.73 billion. South Korea has maintained a current account surplus every month since May 2023, the second-longest streak on record.
