S. Korea posts current account surplus for 35 months

South Korea posted current account surplus for 35 months in a row as imports fell at a faster pace than exports amid lower crude oil prices, central bank data showed on Monday.

Current account surplus was 6.94 billion U.S. dollars in January, maintaining the surplus trend since March 2012, according to the Bank of Korea. If this trend continues, it is expected to top the longest surplus streak of 38 months since June 1986.

The central bank expected this year's current account surplus to reach a record high of 94 billion dollars due to the falling oil prices. In 2014, the current account surplus amounted to 89.4 billion dollars.

Exports, which account for about half of the economy, sank 10 percent from a year earlier to 45.52 billion dollars in January. Shipments of oil products plunged 40.8 percent on lower export prices caused by cheaper oil.

Imports declined at a faster pace. The imports plunged 16.9 percent to 38.43 billion dollars last month. Imports of crude oil and petroleum products tumbled 41.3 percent and 51.2 percent, respectively. Endi