Seoul: South Korea's current account surplus narrowed sharply from a month earlier as exports fell, mainly due to fewer working days caused by the Chuseok holiday, central bank data showed Friday. The country's current account surplus came to US$6.81 billion in October, down from $13.47 billion a month earlier.

According to Yonhap News Agency, the data marked the 30th consecutive month of surplus as the country has maintained a current account surplus every month since May 2023, representing the second-longest surplus streak ever. During the first 10 months of this year, the cumulative surplus totaled $89.58 billion, compared with $76.63 billion during the same period last year, the Bank of Korea (BOK) said.

The goods account posted a surplus of $7.82 billion in October, narrowing from the previous month's $14.24 billion surplus, as exports fell 4.7 percent on-year to $55.88 billion due to fewer working days amid the extended Chuseok holiday. Imports also declined 5 percent to $48.06 billion.

This year's holiday ran from Oct. 3-9 as Chuseok, the Korean fall harvest festival, fell between two national holidays -- National Foundation Day on Oct. 3 and Hangeul Day on Oct. 9, which marks the creation of the Korean alphabet. The services account recorded a deficit of $3.75 billion due mainly to a surge in overseas travel demand.

The primary income account, which includes wages of foreign workers as well as dividend and interest income from abroad, posted a surplus of $2.94 billion in October, driven by an increase in equity income. The secondary income account recorded a deficit of $190 million, the data showed.

In the financial account, net assets increased by $6.81 billion in October. In detail, overseas direct investment by South Korean residents rose by $1.88 billion, while foreign direct investment into South Korea increased by $150 million, resulting in a net increase of $1.73 billion. In portfolio investment, overseas investment by local residents jumped by $17.27 billion, led by a surge in equity investment, while foreign investment into South Korean stocks also rose by $5.2 billion, leading to a net increase of $12.08 billion, according to the BOK.