Strong exports of semiconductors and automobiles have helped South Korea maintain a current account surplus for six consecutive months.

According to preliminary statistics on the balance of payments released by the Bank of Korea on Dec. 6, the current account surplus in October amounted to $9.78 billion.

After recording a deficit of $290million in April for the first time in a year due to an increase in foreign dividend payouts, South Korea achieved consecutive current account surpluses of $8.92 billion in May, $12.56 billion in June, $8.97 billion in July, $6.52 billion in August, and $10.94 billion in September, maintaining a six-month streak. While the October surplus is slightly lower than that of September, it ranks as the third-highest on record for October.

The cumulative current account surplus from January to October stood at $74.24 billion, up $63.3 billion from $24.18 billion during the same period last year.

By category, the goods account recorded a surplus of $8.12 billion in October. Exports reached $60.08 billion, up 4 percent from a year earlier. Semiconductor exports rose by 39.8 percent year-on-year, with other notable increases in steel products by 6.8 percent, passenger cars by 5.2 percent, information and communication devices by 5.2 percent, and petrochemicals by 1.6 percent. However, machinery and precision instruments decreased by 4.2 percent, while petroleum products declined by 34.5 percent.

Imports decreased by 0.7 percent to 51.96 billion dollars, reversing for the first time in four months. This decline was driven by reductions in raw materials, including crude oil, which dropped by 17.9 percent, petroleum products, which fell by 13.3 percent, coal, which decreased by 9.5 percent, and petrochemicals, which declined by 6.7 percent.

The services account recorded a deficit of $1.73 billion, larger than the deficit of $1.28 billion a year earlier but narrower than the $2.24 billion deficit in the previous month.

The travel account deficit was $480 million, narrower than September’s deficit of $940 million, as travel revenue increased during China’s National Day holiday period.

The primary income account posted a surplus of $3.45 billion, slightly up from $3.09 billion in the previous month.

Net assets in the financial account increased by $12.98 billion in October.

Direct investments saw overseas investments by domestic entities rise by $280 million, while foreign direct investments in South Korea increased by $2.25 billion. In portfolio investments, domestic investors’ overseas investments, mainly in bonds, increased by $2.91 billion, and foreign investments in South Korea’s domestic bonds rose by $1.2 billion.