Korea: Tech-led goods balance drove 3Q CA surplus uptrend

Korea's current account widened to a US$61.5bn surplus (JPMe US$59bn) in September. Seasonally adjusted, the CA surplus also increased further to US$58.6bn. Both posted the fastest monthly jump and reached new historical highs, regardless of seasonality. The main driver was the goods balance surplus, as expected from September's customs data, while the services and primary income balances contributed slightly negatively to the headline. As a result, the 3Q external surplus has widened for seven consecutive quarters since 2025, alongside the ongoing terms-of-trade uptrend. Today's readings reaffirm our annual CA forecast of a surplus exceeding one-fifth of nominal GDP this year.