Powered by a semiconductor "super cycle", South Korea's June current account surplus neared $50 billion, breaking the all-time monthly record set just one month earlier.

According to the preliminary balance of payments statistics released by the Bank of Korea on the 6th, the current account recorded a surplus of $49.73 billion in June. It surpassed the previous record high posted in May ($38.61 billion) after just one month, marking record highs for two consecutive months.

In particular, the June current account surplus alone exceeded the surplus for the first half of last year (JanuaryJune), which was $47.87 billion. The cumulative current account surplus for JanuaryJune this year reached $191.01 billion, about four times the level of the same period last year. The full-year surplus for last year ($123.05 billion) had already been surpassed in May.

By component, the goods account posted a surplus of $47.89 billion, an all-time high. It broke the previous record set in May ($37.86 billion) after just one month.

Exports rose 84.5% from a year earlier to $112.37 billion. The year-on-year increase in exports expanded sharply from May (62.9%). Imports ($64.48 billion) also grew 38.6%, but as exports increased more, the surplus widened.

By item, semiconductors led June exports, with $44.95 billion on a customs-cleared basis. That is roughly triple (up 196.9%) from a year earlier. Compared with May ($37.29 billion, up 167.7% year on year), both the export value and the rate of increase expanded further.

Computer peripherals (282.7%), wireless communication devices (60.6%), textiles (47.5%), and chemical products (18.6%) also continued their growth.

The services account posted a deficit of $1.29 billion, while the primary income account recorded a surplus of $3.27 billion.