South Korea’s Second-Quarter Current Account Surplus Ranks Second Among Major Economies

South Korea recorded the second-largest current account surplus among major economies in the second quarter of 2026, supported by a sharp increase in semiconductor exports and strong global demand for chips.

The country’s current account surplus reached $116.63 billion during the April-to-June period, according to International Monetary Fund data available through the Bank of Korea’s Economic Statistics System. China ranked first with a surplus of $193.72 billion.

Germany followed South Korea with $52.28 billion, while Japan recorded $50.62 billion. South Korea’s total was $13.73 billion greater than the combined $102.9 billion reported by Germany and Japan. It was the first time South Korea’s surplus had exceeded their combined figure since comparable quarterly data for all three economies became available in the first quarter of 1996.

The second-quarter result also represented a steep increase from a year earlier. South Korea’s surplus more than quadrupled from $28.39 billion in the same period of 2025. By comparison, Germany’s surplus increased 11.9 percent year on year and Japan’s rose 5 percent.

Semiconductors were the main force behind the expansion. South Korean chip exports increased 181.6 percent from a year earlier to $113.89 billion in the second quarter, according to the Ministry of Data and Statistics. Rising semiconductor prices and robust overseas demand strengthened export receipts and helped lift the current account balance.

The figures underscore the scale of South Korea’s exposure to the global semiconductor cycle. A strong chip market can significantly improve the country’s external balance because semiconductors account for a major share of its exports. The latest data show how rapidly higher prices and demand can translate into a larger national surplus.

At the same time, the concentration of the increase in one major export industry means future current account results will remain sensitive to changes in chip prices and international technology demand. The second-quarter ranking reflects an unusually strong period for South Korean semiconductor shipments rather than a uniform rise across every part of the export economy.

For policymakers and markets, the surplus provides evidence of strong external earnings during the quarter. Its durability will depend in large part on whether global chip demand remains firm and whether South Korean exporters can maintain the pace of growth recorded in the spring.