South Korea's central bank has predicted that a possible jump in imports will likely drag down the country's current account surplus this year. 

According to a report by the Bank of Korea(BOK) on Thursday, the country's imports jumped 12 percent in the first quarter from a year earlier. 

With a recovery in exports and investment in semiconductors, autos and chemical products, the nation witnessed a surge in imports of related parts, materials and equipment. 

The BOK report said that a sharp rise in imports is expected to continue as exports and investment are likely to remain robust and consumption is also forecast to improve slowly.

The central bank said that given the predicted rising pace of imports, the nation's current account surplus may shrink this year from a year earlier despite growth in exports.