AI Chip Exports Drive South Korea's Current Account Surplus to Record Highs for Two Consecutive Months
Alina Collins
South Korea's current-account surplus surged to $49.7 billion in June, a second consecutive monthly record, powered by a roughly 160% jump in semiconductor exports — yet foreign investors sold a record $31.6 billion in Korean equities over the same period, opening a stark divergence between fundamentals and capital flows.
How big is a $49.7 billion surplus?
South Korea's June current-account surplus hit $49.7 billion, up sharply from $38.6 billion in May — the second straight monthly record.
The goods-trade surplus alone reached a record $47.9 billion, accounting for nearly all of the headline number.
This means → Korea's export engine is running at historic speed, fueled by the global rush to build out AI infrastructure.
What pushed monthly exports past $100 billion for the first time?
June exports totaled roughly $112.4 billion, up about 85% year-on-year — Korea's first-ever month above the $100 billion mark.
The core driver: IT products led by semiconductors surged roughly 160% year-on-year. In plain terms = AI data centers worldwide are stockpiling chips, and Samsung and SK hynix are among the top suppliers.
Non-IT exports also grew nearly 19%, showing the recovery has some breadth — but chips remain the dominant force by a wide margin.
Why are foreign investors pulling out while exports break records?
The financial account posted a record $46.6 billion gain in June, but the internal composition was striking.
Foreign investors net-sold $31.6 billion of Korean equities — also a record — producing the second-largest drop in portfolio-investment liabilities ever recorded.
This means → stronger exports and heavier foreign selling are happening simultaneously. That suggests foreign capital is not rejecting Korea's fundamentals — more likely it is taking profits or hedging currency risk.
What does this data set signal for the market?
The services account posted a $1.3 billion deficit, while primary income recorded a $3.3 billion surplus supported by dividend inflows.
Structural signal: the global AI data-center buildout is providing sustained structural support to Korean chip exports, not a one-off spike.
This reflects the core tension ahead: export fundamentals strengthening vs. foreign capital exiting Korean equities at record pace. When and how that divergence resolves — which side converges toward the other — will shape the next move for Korean assets.
Content is for reference only, not financial advice.