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

10:22, 22 June 2023

SEOUL. KAZINFORM - South Korea posted a record current account surplus with the United States last year on brisk demand for autos and increased dividend income, but it suffered its first current account deficit with China last year in two decades, the central bank said Thursday, Yonhap reports.

The country's current account surplus with the U.S. totaled US$67.79 billion last year, compared with a $45.54 billion surplus the previous year, according to the Bank of Korea (BOK).

South Korea's overall current account surplus narrowed to $29.83 billion in 2022 from $85.23 billion a year earlier.

South Korea reported a current account deficit of $7.78 billion with China, the country's top trading partner, last year, the first shortfall since 2001.

South Korea saw its current account deficit with Japan narrow to $17.78 billion from $22.2 billion over the cited period, while the country logged a current account surplus of $7.04 billion with the European Union, a turnaround from the previous year's $630 million current account shortfall, according to the central bank.

South Korea's current account deficit with the Middle East ballooned to $88.05 billion last year from $47.98 billion a year earlier on surging crude prices, according to the BOK.

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