S. Korea logs record current account surplus with U.S. in 2023

South Korea posted a record current account surplus with the United States last year on brisk demand for autos and increased interest income, but it continued to suffer a current account deficit with China last year, the central bank said Wednesday. The country's current account surplus with the U.S. totaled US$91.25 billion last year, sharply widening from a $68.97 billion surplus the previous year, according to the Bank of Korea (BOK). South Korea's overall current account surplus widened to $35.49 billion in 2023 from $85.23 billion a year earlier. South Korea reported a current account deficit of $30.98 billion with China, the country's top trading partner, last year, following a deficit of $8.45 billion the previous year, the first shortfall since 2001. South Korea saw its current account deficit with Japan narrow to $16.86 billion from $17.69 billion over the cited period, while the country logged a current account surplus of $6.39 billion with the European Union, following the previous year's $5.51 billion current account surplus, according to the central bank. South Korea's current account deficit with the Middle East ballooned to $73.74 billion last year, down from $88.43 billion a year earlier on a decline in crude prices, according to the BOK. Source: Yonhap News Agency