South Korea logs record current account surplus with U.S. in 2022

SEOUL, June 22 (Xinhua) — South Korea logged its record-high current account surplus with the United States last year due to solid automotive export, central bank data showed Thursday.

The country’s current account surplus with the United States jumped to 67.79 billion U.S. dollars in 2022 from 45.54 billion dollars in the previous year, according to the Bank of Korea (BOK).

It has marked the highest record since relevant data began to be compiled in 1998. The overall current account surplus tumbled from 85.23 billion dollars to 29.83 billion dollars in the cited period.

Trade surplus for goods with the United States hit a new high of 56.38 billion dollars last year thanks to soaring car shipment.

South Korea’s current account deficit with Japan diminished to 17.78 billion dollars in 2022 from 22.2 billion dollars in the prior year.

The country recorded a current account surplus of 7.04 billion dollars with the European Union (EU) in 2022, turning from a deficit of 630 million dollars in 2021.

The current account surplus with Southeast Asia shed from 102.36 billion dollars to 80.23 billion dollars in the cited period, while the deficit with the Middle East expanded from 47.98 billion dollars to 88.05 billion dollars.