Buoyant semiconductor exports sent the current account surplus in March beyond 54 trillion won, setting another all-time record.

According to the Bank of Korea’s preliminary Balance of Payments for March 2026 released on the 8th, the current account posted a surplus of $37.33 billion (about 54.4 trillion won) in March. It surpassed the previous record set just a month earlier, the February surplus of $23.19 billion. The run of surpluses also continued for 35 consecutive months, the second longest since 2000.

By component, the goods account surplus reached $35.07 billion, the largest on record. Exports, which continued to perform well led by semiconductors, came to $94.32 billion, up 56.9% from a year earlier. By item on a customs-cleared basis, semiconductors (149.8%), information and communications equipment (112.7%), and petroleum products (69.2%) surged. In contrast, auto parts (-5.3%) and machinery and precision instruments (-0.2%) declined.

A Bank of Korea official explained, “IT items continued to perform well, led by semiconductors and computer peripherals, while non-IT items also increased on more working days and higher petroleum product prices, sustaining strong growth.” By region, export growth accelerated in Southeast Asia (68%), China (64.9%), and the United States (47.3%), while the Middle East (-49.1%) was the only region to post a decline.

Imports ($60.39 billion) rose 17.4% from a year earlier. Imports of raw materials increased 8.5%, led by coal (21.6%) and chemical products (20.5%), while imports of capital goods (23.6%) also continued to rise on increases in information and communications equipment (51.6%), transport equipment (34.8%), and semiconductors (34.5%).

The services account recorded a deficit of $1.29 billion. However, the travel account posted a surplus of $140 million, helped by the domestic peak travel season in spring. The travel account turned to a surplus for the first time in 11 years and 4 months, since November 2014 ($50 million).

The primary income account posted a surplus of $3.58 billion as dividend income from direct and portfolio investment increased, widening the surplus. In the financial account, net assets increased by $36.99 billion. In direct investment, residents’ outward investment rose by $8.89 billion and nonresidents’ investment in Korea increased by $3.77 billion.

In portfolio investment, residents’ outward investment increased by $4.0 billion, mainly in equities, while nonresidents’ investment in Korea fell by $34.04 billion, also centered on equities. Amid Middle East risk and concerns about weaker memory demand, coupled with profit-taking, the decline in foreigners’ domestic equity investment reached $29.33 billion, the largest on record.