Roundup: 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.

Those marked the largest monthly falls in both exports and imports since September 2009 when exports and imports plunged 17.3 percent and 22.8 percent each as the economy was in trouble for the global financial crisis.

The South Korean currency fell to the U.S. dollar on Monday after rate cuts by the People's Bank of China triggered a fall in most Asian currencies, including the South Korean won, to the greenback.

The won/dollar exchange rate was quoted at 1,104.95 per dollar as of 9:20 a.m., up 6.55 won from Friday's close.

Market watchers, however, said that the won's decline would be restricted as South Korea posted record surpluses in both current account balance and trade balance.

According to the trade ministry data, South Korea posted a record high of trade surplus at 7.66 billion dollars in February. Exports slid 3.4 percent from a year earlier to 41.46 billion dollars in February, and imports plunged 19.6 percent to 33.8 billion dollars.

Trade surplus for goods in January was 7.09 billion dollars, down from an 8.32 billion-dollar surplus in December.

Service account balance, which measures the flow of travel, transport costs and royalties, posted a deficit of 2.44 billion dollars in January, up from a 3.34 billion-dollar deficit in December.

Primary income account, which includes monthly salaries and investment income, recorded a surplus of 2.9 billion dollars, marking the largest monthly high. It was attributed to a surge in dividend income from overseas.

Financial account, which gauges cross-border capital flow without transactions in goods and services, logged an outflow of 8. 24 billion dollars in January, down from a 9.8 billion-dollar outflow in December.

Outflow in portfolio investment, which includes stock and bond transactions, reduced from 6.16 billion dollars in December to 3. 62 billion dollars in January as foreign capital exodus from the local financial market eased.

Direct investment posted an outflow of 1 billion dollars in January following an outflow of 1.35 billion dollars in December.

Other investment account, including trade credit and foreign debts, turned into an inflow of 490 million dollars in January from an outflow of 5.13 billion dollars in December as local financial institutions increased borrowing from overseas. Endi