South Korea's current account surplus reduces to 7.27 bln USD

South Korea's current account surplus reduced to 7.27 billion U.S. dollars in August due to seasonal factors such as a deficit in the travel account at the peak of summer vacation, central bank data showed Monday.

The current account surplus declined to 7.27 billion dollars in August from 7.84 billion dollars in July, according to the Bank of Korea.

The travel account deficit climbed to 770 million dollars in August from 550 million dollars in July. The intellectual property right deficit expanded from 20 million dollars to 380 million dollars in the same period, which also contributed to the decline of current account surplus.

Exports, which account for about half of the economy, fell 8.9 percent from a month earlier to 49.01 billion dollars in August. From a year earlier, the exports slid 1.7 percent.

Imports tumbled 11.6 percent to 41.56 billion dollars in August on a month-to-month basis. From a year earlier, the imports retreated 2.1 percent.