South Korea's Current Account Surplus Surpasses Combined Totals of Germany and Japan

South Korea's current account surplus — an indicator of how much more money the country earns from exports of goods and services than it spends — has surpassed the combined totals of Germany and Japan for the first time on record. South Korea's current account surplus for the second quarter of this year came to $116.63 billion, ranking second among 36 major countries with confirmed statistics, behind only China.

The record is attributable to a boom in semiconductor exports. An export-driven improvement in the external balance underpinned the expanding surplus, with the record figure reflecting the results of export-led growth.

President Lee Jae-myung emphasized investment, jobs, and income improvements, saying it is important to "make this wave of growth a force that transforms the lives of all citizens."