South Korea's current account surplus during the first half of this year shrank to the lowest level in eight years, due to the impact of the coronavirus pandemic.

The Bank of Korea(BOK) said Thursday that the country's current account surplus for the month of June stood at six-point-88 billion dollars, which was the largest in eight months. The goods balance surplus, which is the difference between exports and imports, decreased, but losses from the service balance also narrowed.

The goods balance surplus in June stood at five-point-87 billion dollars, down 400 million dollars compared to the same period in 2019. Exports in June dropped nine-point-three percent on year to 40 billion dollars, marking four-straight months of declines. Imports also dropped nine-point-eight percent to 34-point-15 billion dollars, also declining for four-straight months.

Losses in the service balance shrank from two-point-14 billion dollars a year ago to one-point-26 billion dollars in June, as the tourism deficit narrowed.

The country's current account surplus during the first half of this year declined 15-point-three percent to 19-point-17 billion dollars. Exports during the first half declined 13-point-one percent on year to 241-point-nine billion dollars, while imports also fell nine-point-eight percent to 217-point-nine billion dollars.