(Bloomberg) -- South Korea’s current account reached its biggest surplus in more than two years as global demand for artificial intelligence and tech gear boosts chip and smartphone exports.

Balance of payments data showed South Korea logging a net $8.9 billion current account surplus in May, the largest since summer 2021. Exports of semiconductors, wireless communications devices, automobiles and machinery led the gains in trade while dividends from overseas investment returned to a surplus, the Bank of Korea said Friday in a statement.

The bumper surplus is the latest indication of trade momentum that’s lifting South Korea’s technology-led economy. The government now expects growth this year of 2.6%, up from a previous forecast of 2.2%. Separately on Friday, Samsung Electronics Co., the world’s biggest memory-chip producer and a leading smartphone maker, announced second-quarter operating profit of 10.4 trillion won ($7.5 billion), well above consensus.

The surging gains in chips and other products add to factors keeping the central bank confident the economy can continue to expand at a steady clip even as it keeps interest rates at a restrictive level for now. The BOK will convene for a rate decision next week, with economists expecting the central bank to hold rates at 3.5%.

Still, expectations for a change in the policy trajectory toward a more neutral stance are building as inflation continues its slide toward the BOK’s 2% target, with predictions varying from August to autumn for a reduction. Stronger-than-expected growth and the won’s depreciation against the dollar number among the reasons why the BOK may wait longer before easing policy.

Even as exports rebound, the local currency has been among Asia’s worst-performing currencies in Asia this year, putting pressure on importers and consumers. Continued growth in the current account surplus would offer the won some support.

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