Bank of Korea Releases “September 2025 Balance of Payments (Preliminary)”
Current Account Surplus Hits $13.47 Billion, Marking 29 Consecutive Months in the Black
Semiconductor Export Growth Continues; Base Effect from Last September’s Chuseok Boosts
In September, South Korea recorded a current account surplus of 13.47 billion dollars. This marks the second-largest surplus in history and the highest ever for the month of September. The goods account also showed strong performance, ranking as the second-largest surplus on record. This was driven by continued growth in semiconductor exports, as well as an increase in passenger car exports due to a base effect from the Chuseok holiday in September last year.
According to the “International Balance of Payments (Preliminary) for September 2025” released by the Bank of Korea on November 6, South Korea’s current account surplus in September stood at 13.47 billion dollars, the second-largest surplus ever recorded. For the month of September, this is the highest figure on record. The country has maintained a current account surplus for 29 consecutive months since May 2023, marking the second-longest streak since the 2000s. The surplus increased compared to both the same period last year (11.29 billion dollars) and the previous month (9.15 billion dollars).
The goods account, which constitutes the largest portion of the current account, posted a surplus of 14.24 billion dollars. This is the second-highest figure in history, following September 2017 (14.52 billion dollars). The surplus also widened compared to both the same month last year (10.67 billion dollars) and the previous month (9.4 billion dollars).
Exports reached 67.27 billion dollars, up 9.6% from the same period last year, marking a turnaround in growth after two months. The continued increase in exports of IT products such as semiconductors, as well as a base effect from last year’s Chuseok holiday, led to higher exports of non-IT products like passenger cars. In September this year, semiconductor exports based on customs clearance amounted to 16.79 billion dollars, a sharp increase of 22.1% year-on-year. Wireless communication devices also rose by 5.3%, bringing the growth rate of IT product exports to 13.9%. Non-IT exports (up 11.8%) were also strong, with passenger cars increasing by 14.0% to 6.04 billion dollars, and growth seen in chemical products (10.4%), machinery and precision instruments (10.3%), and steel products (2.5%).
Imports totaled 53.02 billion dollars, up 4.5% from the same month last year. Despite falling international oil prices, the recovery in domestic consumption and an increase in business days led to a larger rise in imports of capital goods and consumer goods, and an increase in raw materials, resulting in a turnaround after three months. In September, imports of raw materials based on customs clearance were 24.49 billion dollars, up 0.4% year-on-year. Chemical products (10.2%) and gas (2.4%) saw increases, while coal (-6.8%), petroleum products (-9.8%), and crude oil (-13.3%) declined, resulting in only a slight overall increase. Capital goods imports rose by 12.2% to 21.84 billion dollars. Information and communication devices (29.9%), transportation equipment (24.4%), and semiconductor manufacturing equipment (11.6%) led the increase in capital goods imports. Semiconductor imports fell slightly by 0.7%. Consumer goods imports surged by 22.1% to 10.07 billion dollars. Passenger cars continued to show strong growth (36.3%), and there were also increases in direct consumer goods (21.4%), grains (8.4%), and non-durable consumer goods (3.1%).
The services account posted a deficit of 3.32 billion dollars, widening from the previous month’s deficit of 2.12 billion dollars. The transport account recorded a deficit of 120 million dollars, returning to deficit after five months and contributing to the widening service account deficit. The travel account deficit narrowed slightly to 910 million dollars, compared to 950 million dollars a year earlier and 1.07 billion dollars in the previous month. The intellectual property rights account posted a deficit of 850 million dollars, with the deficit widening as the seasonal concentration of royalty income in the previous month eased.
The primary income account posted a surplus of 2.96 billion dollars, mainly due to dividend income. This is the second-largest surplus for September, following last year’s 3.1 billion dollars. The dividend income account recorded a surplus of 2.36 billion dollars, with the surplus widening as the seasonal quarterly dividend payments of the previous month subsided.
Net external assets in the financial account, calculated as assets minus liabilities, increased by 12.9 billion dollars. This marked a larger increase compared to the previous month’s 7.88 billion dollars.
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