Current account balance | South Korea – yearly data, chart and table
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In constant 2015 dollars
In local currency (average annual exchange rate)
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Overview
The account balance of South Korea in 2024 amounted to 99 043 million USD. In 2023 it was 32 822 million USD. It has been growing in this country for already 2 years in a row. Over the entire data period of International Monetary Fund (IMF), since 1980, this indicator has increased 105 939million USD. The lowest account balance was recorded in 1996, when it was -24 461 million USD. The highest value of South Korea was in 2015, when it reached 105 119 million USD. This indicator is related to the balance of payments, which is a statement that summarizes economic transactions between residents and nonresidents during a specific time period. It consists of the goods and services account (the trade balance), the primary account, the secondary income account, the capital account, and the financial account.
Additional infomation:
About indicator
The balance of payments is a double-entry accounting system that shows all flows of goods and services into and out of an economy; all transfers that are the counterpart of real resources or financial claims provided to or by the rest of the world without a quid pro quo, such as donations and grants; and all changes in residents' claims on and liabilities to nonresidents that arise from economic transactions. All transactions are recorded twice - once as a credit and once as a debit. In principle the net balance should be zero, but in practice the accounts often do not balance, requiring inclusion of a balancing item, net errors and omissions.
