South Korea's current account surplus narrowed 6.8 percent in 2016 from a year earlier due mainly to a decline in oil prices, central bank data showed Friday.
The country's current account surplus reached US$98.68 billion in 2016, compared with a surplus of $105.94 billion a year earlier, according to the preliminary data from the Bank of Korea (BOK).
The figure represents a surplus for 58 months in a row. The current account is the biggest measure of cross-border trade.
The BOK said the service balance deficit widened to $17.61 billion in 2016 from $14.92 billion a year earlier.
In the primary income account, the country posted a surplus of $1.46 billion in 2016, compared with a surplus of $3.57 billion a year earlier.
Exports fell 5.7 percent on-year to $511.78 billion in 2016, and imports also dropped 7 percent to $391.33 billion. (Yonhap)
Jin Jae-yeon firstname.lastname@example.org
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