Finance Minister Choi Sang-mok said Friday that South Korea’s current account surplus is forecast to far exceed the government’s estimate and there have been signs of a continuous economic recovery led by strong experts.

Choi made the remarks during a ministerial meeting on the economy, as the Bank of Korea (BOK) data showed that the country’s current account surplus reached US$9.13 billion in July, the second-largest amount ever.

“Our economy has shown a continuous recovery driven by strong exports. If the current trend continues, the yearly surplus is expected to far exceed our forecast of $63 billion,” he said.

There have been signs of strong exports helping boost weak domestic demand, Choi said, pointing to the increase in facility investment in recent months and the growth in real household income in the second quarter.

“The government will preemptively respond to external uncertainties to ensure solid exports,” he said. “We will work to enhance external cooperation and play a leading role in stabil
izing the global supply chains.”

Finance Minister Choi Sang-mok speaks at a parliamentary meeting on Sept. 4, 2024. (Yonhap)

In an effort to support economic diplomacy, the finance ministry decided to draw up a new three-year road map on knowledge-sharing projects with foreign partner nations.

Under the new road map, envisioned projects will shift their focus to how to better meet the demands of domestic companies and how to address global issues from meeting foreign countries’ demand, the ministry said.

The country plans to raise funds for executing high-priority projects and sign knowledge-sharing partnership agreements with Germany, Japan and Britain, among other nations, for cooperation on joint projects involving a third nation.

“The new plan is expected to allow us to contribute more to addressing global issues and to support our companies’ active participation in overseas projects and exports,” Choi said.

Source: Yonhap News Agency