Korea's current account surplus narrows sharply in Jan.

South Korea's current account surplus narrowed sharply in January on shrinking exports, central bank data showed Thursday.

The country's current account surplus came to $1.01 billion in the month, compared with a surplus of $4.33 billion the previous month and a $3.3 billion surplus the same month last year, according to the data from the Bank of Korea (BOK).

The drop was largely attributed to a dip in South Korea's goods account surplus, which shrank to $1.93 billion in January from $5.03 billion a month before.

Its exports, on a customs clearance basis, plunged 12.3 percent on-year to $43.44 billion, while imports slipped 5.2 percent to $41.52 billion.

The country continued to post a deficit in its service account, but the shortfall decreased slightly to $2.48 billion from $2.5 billion the previous month and was significantly down from a $3.53 billion deficit in the same month last year.

Its primary income surplus came to $1.69 billion, shrinking from a $2.68 billion surplus the month before. (Yonhap)