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South Korea logged a current account surplus of $7.18 billion in February, marking the 22nd consecutive month in the black, the Bank of Korea said Monday.

The February figure represents a $4.2 billion increase from the previous month and is about $700 million higher than the surplus recorded a year earlier.

The goods account posted a surplus of $8.18 billion, up from $6.92 billion in February 2024. Exports rose 0.7% on-year to $52.45 billion, buoyed by strong demand for passenger cars (up 18.8%) and information and communication devices (up 17.5%). However, semiconductor exports dipped 2.5%.

By region, exports increased to Southeast Asia (9.2%) and the United States (1.0%), but fell to China (-1.4%), Japan (-4.8%), and the European Union (-8.1%).

Imports totaled $48.3 billion, a slight 0.2% uptick from a year earlier. While raw material imports dropped 9.1% due to falling energy prices—coal (-32.7%), gas (-26.7%), and crude oil (-16.9%)—capital goods imports jumped 9.3%, driven by semiconductor manufacturing equipment (33.5%) and semiconductors (5.0%). Consumer goods imports also rose 11.7%, led by direct consumer products (15.9%) and grains (2.8%).

The services account registered a deficit of $3.21 billion, widening from a $1.87 billion shortfall a year earlier. The travel account deficit came in at $1.45 billion, slightly improved from January’s $1.68 billion.

The primary income account recorded a surplus of $2.62 billion, maintaining a similar level to the previous month.