South Korea's current account surplus hit a 12-month high in October as its service account deficit narrowed while its primary income account surplus expanded.

According to preliminary data by the Bank of Korea on Thursday, the country's current account surplus came to seven-point-83 billion dollars in October. 

The reading marks the highest since October 2018 when the surplus came to nine-point-47 billion dollars.

The goods account surplus fell to eight-point-03 billion dollars in October, down two-point-five billion from a year earlier. However, the service account deficit narrowed by 340 million dollars on-year to one-point-72 billion dollars.

Exports plunged 14-point-five percent on-year to 49-point-12 billion dollars in the cited month, while imports slipped 12-and-a-half percent to 41-point-09 billion dollars.