Seoul [South Korea], October 25: The Republic of Korea posted the second-largest current account surplus among major economies in the second quarter, surpassing the combined surpluses of Germany and Japan, Yonhap News Agency reported, citing data from the central bank.
The country's current account surplus reached US$116.63 billion in the April-June period, trailing only China's $193.72 billion, according to International Monetary Fund (IMF) data available on the Bank of Korea's Economic Statistics System.
Korea's surplus more than quadrupled from $28.39 billion a year earlier, far outpacing increases of 11.9 percent in Germany and 5 percent in Japan.
The sharp increase was largely driven by surging semiconductor exports amid rising chip prices and robust global demand.
According to the Ministry of Data and Statistics, South Korea's semiconductor exports soared 181.6 percent on-year to $113.89 billion in the second quarter.
Source: Emirates News Agency
