Korea’s external debt amounted to $667.5 billion as of the first quarter of 2024, falling by $5.1 billion from the
previous quarter of $672.5 billion.
Both the ratio of short-term external debt to total external debt and the ratio of short-term external debt
to total reserves have been falling since the first quarter of last year. Short-term external debt to total external
debt fell from 26.6% in Q1 2023 to 21.1% in Q1 2024, as did the ratio of short-term external debt to total
reserves, which fell from 42.0% in Q1 2023 to 33.6% in Q1 2024.