Bank of Korea reports $49.73 billion June current-account surplus

The Bank of Korea said that South Korea posted a $49.73 billion current-account surplus in June, up from $13.97 billion a year earlier, as sustained strong exports of semiconductors and information-communications equipment increased.

Balance-of-payments exports climbed 84.5 percent from a year earlier to $112.37 billion, while imports rose 38.6 percent to $64.48 billion.

Machinery and precision instruments, as well as passenger cars, shifted into export growth during June. The central bank also reported faster export gains to the United States, Southeast Asia and China.

Services remained in deficit, with other business and processing services at its center. Primary-income surplus was driven mainly by dividend income, while secondary income also posted a deficit.

June's financial account showed a net increase in assets. Direct investment abroad by Korean residents increased by $8.01 billion, while foreign direct investment in Korea rose by $4.63 billion.

Foreign portfolio investment in Korean assets declined by $26.32 billion, led by shares. Residents' overseas portfolio investment increased by $3.56 billion, also driven by shares.

Other investment assets increased by $14.15 billion, mainly through lending, while liabilities grew by $8.26 billion, led by cash and deposits. Reserve assets increased by $1.45 billion.