South Korea's current account surplus reached a record $37.33 billion in March, driven by a surge in semiconductor exports and a rebound in the travel balance following BTS's comeback concert that drew foreign tourists to the country.
According to the Bank of Korea's preliminary March 2026 balance of payments data, the current account surplus set a new all-time high, surpassing the previous record of $23.19 billion set in February just one month earlier. The current account has now posted a surplus for 35 consecutive months, the second-longest streak since the 2000s.
The goods balance recorded a surplus of $35.07 billion on strong export performance. Exports rose 56.9% year-on-year to $94.32 billion, while imports stood at $59.24 billion. The goods balance surplus also marked an all-time high.
Export growth was led by IT items, particularly semiconductors. Semiconductor exports surged 149.8% from a year earlier, while exports of computer peripherals, including SSDs, jumped 167.5%. The gains reflect expanding demand for high-performance memory driven by the spread of generative artificial intelligence (AI) and rising data center investment.
Non-IT items also showed solid momentum. Petroleum product exports rose 69.2% on more working days and higher international oil prices, while chemical product exports increased 9.1%. By region, exports to Southeast Asia grew 68.0%, with shipments to China (64.9%) and the United States (47.3%) also expanding across major markets.
Within the services account, the travel balance stood out by swinging to a surplus. The travel balance posted a $140 million surplus in March, turning positive for the first time in 136 months since November 2014. The shift reflects the spring domestic travel peak season and an increase in foreign tourists. In particular, the BTS full-group comeback concert "BTS Comeback Live: Arirang," held at Gwanghwamun Square in Seoul on March 21, is seen as having boosted foreign tourist inflows. Analysts say a surge in demand from overseas fans to visit Korea around the concert lifted spending on accommodations, shopping, transportation, and dining, supporting the improvement in the travel balance.
The primary income balance also improved, posting a $3.58 billion surplus on rising dividend income from direct and portfolio investments. On the other hand, the other business services balance turned to a deficit as payments for research and development (R&D) rose again.
In the financial account, foreign investors' retreat from the domestic stock market was notable. Net assets in the financial account increased by $36.99 billion in March. Within portfolio investment liabilities, foreign investment in Korean equities fell by $29.33 billion, marking the largest net selling on record.
Market observers attribute the sell-off to profit-taking by foreign investors amid heightened geopolitical risks in the Middle East and concerns over a slowdown in the memory chip market.
Meanwhile, outbound equity investment by Korean investors shrank somewhat due to the correction in U.S. stock markets. Korean investors' net purchases of overseas equities totaled $3.94 billion in March, down from the previous month.
