November Current Account Surplus Hits $12.24 Billion... Robust Exports of Semiconductors and Automobiles Drive Growth (Update)

Bank of Korea Releases "November 2025 Balance of Payments (Preliminary)"
Goods Account Surplus Reaches 13.31 Billion Dollars, Fourth Largest on Record
Net External Assets in Financial Account Increase by 8.27 Billion Dollars
Overseas Stock

In November of last year, South Korea recorded a current account surplus of 12.24 billion dollars. This marks the highest figure ever recorded for the month of November and extends the streak of surpluses to 31 consecutive months. The goods account surplus was the fourth largest on record, driven by strong exports of semiconductors and passenger cars.

As a result, the cumulative current account surplus from January to November of last year reached 101.82 billion dollars, surpassing the 100 billion dollar mark. According to the economic outlook released by the Bank of Korea in November of last year, the remaining amount needed to achieve the projected all-time high current account surplus of 115 billion dollars for 2025 is 13.18 billion dollars.

According to the "Preliminary International Balance of Payments for November 2025" released by the Bank of Korea on the 9th, South Korea's current account surplus in November of last year was 12.24 billion dollars. This marks the 31st consecutive month of surplus since May 2023, making it the second longest surplus streak since the 2000s. The surplus increased compared to both the same period a year earlier (10.05 billion dollars) and the previous month (6.81 billion dollars).

The goods account, which constitutes the largest portion of the current account, posted a surplus of 13.31 billion dollars. This is the highest amount ever for November and the fourth largest on record. The surplus widened compared to both the same month last year (9.88 billion dollars) and the previous month (7.82 billion dollars). This was due to increased exports of semiconductors and passenger cars, as well as a decrease in imports resulting from lower energy prices.

Exports amounted to 60.11 billion dollars, up 5.5% from the same period last year. The growth of IT products, led by semiconductors, expanded significantly, while the decline in non-IT products also eased, with passenger car exports increasing, resulting in a return to growth after two months. In November of last year, semiconductor exports based on customs clearance reached 17.44 billion dollars, a sharp increase of 38.7% year-on-year, driving the growth rate of IT product exports (24.3%). Exports of computer peripherals also rose by 3.2%, while wireless communication devices fell by 6.1%. Among non-IT products (-0.6%), exports of steel products (-9.9%), chemical products (-6.3%), and machinery and precision instruments (-1.0%) decreased, but passenger car exports rose by 10.9% to 6.05 billion dollars, narrowing the overall decline.

Imports totaled 46.8 billion dollars, down 0.7% from the same month last year. While imports of passenger cars and gold continued to rise, driving a 19.9% increase in consumer goods, imports of raw materials fell for the second consecutive month, mainly due to lower energy prices (-7.9%). In November of last year, imports of raw materials based on customs clearance were 21.85 billion dollars, a decrease of 7.9% year-on-year. Imports of gas (-33.3%), petroleum products (-16.9%), crude oil (-14.4%), and coal (-1.2%) all declined, while chemical products increased by 5.6%. Imports of capital goods rose by 4.7% to 20.06 billion dollars. Imports of semiconductor manufacturing equipment (-7.6%) and semiconductors (-3.2%) decreased, but imports of transportation equipment (20.4%) and information and communication devices (16.5%) increased. Consumer goods imports jumped by 19.9% to 9.38 billion dollars, with gold imports soaring by 554.7% and durable consumer goods increasing sharply by 51.8%.

Containers are piled up at Pyeongtaek Port in Gyeonggi Province. Photo by Yonhap News

The services account posted a deficit of 2.73 billion dollars, narrowing the deficit compared to the previous month (3.75 billion dollars). The travel account deficit (960 million dollars) also decreased as the number of outbound travelers, which had surged during the Chuseok holiday period, declined. The surplus in telecommunications, computer, and information services (460 million dollars) widened as the temporary increase in payments for computer services in the previous month subsided.

The primary income account recorded a surplus of 1.85 billion dollars, down from the previous month's 2.94 billion dollars. The surplus in dividend income (1.25 billion dollars) narrowed compared to the previous month due to the impact of quarterly dividend payments from securities investments.

Net external assets, calculated as assets minus liabilities in the financial account, increased by 8.27 billion dollars, expanding from the previous month's increase of 6.81 billion dollars. Direct investment rose by 2.33 billion dollars, and securities investment increased by 6.52 billion dollars. Overseas stock investment by domestic residents (12.54 billion dollars) grew at a slower pace than the previous month (18.04 billion dollars), while foreign investment in domestic stocks also decreased by 9.2 billion dollars as investor sentiment weakened due to concerns about overheating in the domestic stock market.