South Korea Current Account Hits 32-Month High on Global AI Boom
- Chips, phones and cars led gains in South Korea’s trade in May
- Central bank confident economy can handle restrictive rate
South Korea’s current account reached its biggest surplus in more than two years as global demand for artificial intelligence and tech gear boosts chip and smartphone exports.
Balance of payments data showed South Korea logging a net $8.9 billion current account surplus in May, the largest since summer 2021. Exports of semiconductors, wireless communications devices, automobiles and machinery led the gains in trade while dividends from overseas investment returned to a surplus, the Bank of Korea said Friday in a statement.