South Korea’s current account surplus posted a yearly high in May.

According to preliminary data announced by the Bank of Korea(BOK) on Friday, the nation's current account surplus came to ten-point-36 billion dollars in May, marking the highest level this year and also the 51st straight month to post a surplus.

The central bank attributed the growth to the slowing pace at which the country's exports are falling.

Total outbound shipments fell by two-point-four percent on-year in May, marking the smallest margin of a drop since it fell by two-point-two percent in May 2015 from the previous year.

Exports of goods in May declined by six percent on-year to 39-point-79 billion dollars while imports of goods fell by nine percent to 32-point-81 billion dollars.

Display panels led the fall in exports by posting a 34-point-eight percent decline. Exports of oil products and ships also slid by 25-point-five percent and 15-point-six percent, respectively.

Imports of raw materials plunged by 19-point-six percent but imports of consumer goods increased by six-point-nine percent.