South Korea recorded an all-time high current account surplus of $38.61 billion in May 2026, driven by a historic surge in semiconductor and information technology exports, according to data released by the Bank of Korea (BOK) on Wednesday, 8 July. The figure surpassed the previous record of $37.93 billion set in March 2026 and was nearly four times the $9.91 billion surplus posted in the same month a year earlier.

Record Goods Surplus Powered by Chips

The goods account surplus reached $37.86 billion in May — itself a record — as total exports surged 62.9 percent year-on-year to $94.34 billion, while imports rose a more moderate 22.2 percent to approximately $56.48 billion. The gap between export growth and import growth reflects strong external demand against relatively contained domestic consumption.

Information technology products were the standout driver, with exports soaring 128.9 percent from a year earlier. Within that, chip shipments surged 167.7 percent and computer peripherals climbed 249.4 percent — underscoring how the global artificial intelligence infrastructure build-out is translating directly into South Korean export revenues.

37 Consecutive Months of Surplus

South Korea has now logged a current account surplus every month since May 2023, extending its streak to 37 consecutive months — the second longest in the country's history. In the first five months of 2026, the cumulative surplus reached $141.28 billion, sharply ahead of the $33.9 billion recorded over the same period in the prior year.

The scale of the year-on-year jump — more than fourfold for the January-to-May period — reflects both the semiconductor upcycle and a structural shift in global supply chains that has positioned South Korea as a critical node in advanced chip production.

BOK Projects Full-Year Surplus Above $250 Billion

A BOK official indicated that the first-half surplus was on course to exceed the bank's earlier projection of $151.5 billion. 'We expected a current account surplus of $151.5 billion for the first half, and that figure will likely be exceeded in June,' the official said. 'For 2026 as a whole, the annual current account surplus will likely surpass our earlier forecast of $250 billion.'

If realised, the full-year figure would represent a landmark for the South Korean economy, signalling sustained export competitiveness even as global trade policy remains uncertain.

Services Deficit Narrows; Income Accounts Mixed

The services account posted a deficit of $1.09 billion in May, narrowing from the previous month's $2.42 billion shortfall, as travel-related outflows and intellectual property payments declined. The primary income account — covering wages of foreign workers and dividend and interest income from abroad — recorded a surplus of $2.17 billion, supported by higher dividend receipts. The secondary income account registered a deficit of $330 million.

What to Watch

The June current account data, due in the coming weeks, will be closely watched to confirm whether the first-half surplus has indeed breached the $151.5 billion mark. Sustained chip demand tied to global AI investment cycles and any shift in US trade policy toward semiconductor imports remain the key variables that could alter South Korea's trajectory in the second half of 2026.