South Korea posted a record current account surplus of more than 120 billion U.S. dollars last year, driven by strong exports and rising dividend income from overseas investments.

According to preliminary data released by the Bank of Korea on Friday, the nation recorded a current account surplus of 18-point-seven billion dollars in December alone, the largest monthly surplus on record.

As a result, the cumulative current account surplus for the whole of last year reached a record 123-point-05 billion dollars, surpassing the previous high of 105-point-one billion dollars set in 2015.

The figure was more than eight billion dollars higher than the central bank’s forecast released in November.

Exports in December rose 13-point-one percent from the previous year, and imports edged up one-point-seven percent amid lower energy prices.

The service account, meanwhile, recorded a deficit of three-point 69 billion U.S. dollars in December.