7jlcom|S. Korea's current account surplus with U.S. hits record high in 2023

SEOUL, June 19 (Xinhua) -- South Korea's current account surplus with the United States hit a record high last year due to strong demand for locally-made automobiles, central bank data showed Wednesday7jlcom.

The current account surplus with the United States amounted to 91.25 billion U.S. dollars in 2023, up from a surplus of 68.97 billion dollars in the previous year, according to the Bank of Korea.

It marked the highest since relevant data began to be compiled in 1998.

The Asian country's trade surplus with the United States reached a new high of 82.16 billion dollars last year thanks to robust demand for cars and machinery.

South Korea's current account deficit with Japan diminished to 16.86 billion dollars in 2023 from 17.69 billion dollars in the previous year on the back of lower import.

The current account surplus with the European Union (EU) increased to 6.39 billion dollars last year from 5.51 billion dollars a year earlier, but the surplus with Southeast Asian nations reduced from 77.45 billion dollars to 51.67 billion dollars.

The current account deficit with the Middle East shrank from 88.43 billion dollars to 73.74 billion dollars in the cited period as lower raw material prices reduced import for crude oil and natural gas.■