South Korea posted a current account surplus in January, but the surplus sharply declined as imports increased amid soaring prices of oil and raw materials.

According to tentative data from the Bank of Korea(BOK) on Friday, the country's current account surplus came to one-point-81 billion U.S. dollars in January.

It is the 21st straight month a surplus has been logged since May 2020 but the amount plunged by nearly five billion dollars from a year ago.

The goods account surplus slipped to 670 million dollars in January, down four-point-nine billion dollars from a year earlier.

Exports rose by 19-point-eight percent on-year to 56-point-one billion dollars, while imports jumped 34-point-four percent to 55-point-four billion dollars amid the rising prices of crude oil and raw materials.

The service sector logged a deficit of 450 million in January, but it narrowed from 930 million dollars a year ago. Despite the deficit, the transport account surplus soared to two-point-32 billion dollars in January, a sharp increase from 930 million dollars a year earlier.