Seoul:South Korea recorded the second-largest current account surplus in the world during the second quarter of the year, surpassing the combined surpluses of Germany and Japan, as per the latest data from the central bank.
According to Wam, the country's current account surplus amounted to US$116.63 billion from April to June, second only to China's $193.72 billion. Germany and Japan followed with surpluses of $52.28 billion and $50.62 billion, respectively, with their combined total of $102.90 billion falling $13.73 billion short of South Korea's figure.
This development marks the first instance since the first quarter of 1996, when comparable data for the three countries became available, that South Korea's surplus has exceeded the combined surpluses of Germany and Japan. The increase in surplus was largely attributed to strong semiconductor exports, a significant factor in South Korea's export growth.