South Korea's current account remained in the black in August, but its surplus shrank sharply from a year earlier due to sluggish exports.

According to preliminary data by the Bank of Korea on Tuesday, the country's current account surplus came to five-point-27 billion dollars in the month, compared with a surplus of eight-point-55 billion in the same month last year.

The goods account surplus came to four-point-77 billion dollars in August to post the lowest level since January 2014, when it marked three-point-67 billion dollars.

The steep drop is attributed to slow exports, which plunged 15-point-six percent in August from a year earlier. 

The country also posted a deficit of one-point-eight billion dollars in the service account, although its deficit in the tourism account narrowed from one-point-55 billion dollars in August 2018 to one-point-07 billion dollars.