Current account surplus narrows on growing imports in Oct.

SEOUL, Dec. 2 (Yonhap) -- South Korea's current account surplus shrank from a month earlier in October as imports grew while the country's deficit in the service sector widened, preliminary data from the central bank showed Wednesday. The current account surplus came to US$8.96 billion last month, compared with a revised $10.54 billion surplus in September, according to the data from the Bank of Korea (BOK). The October figure, however, marked a slight increase from a surplus of $8.74 billion posted in the same month last year. October also marked the 44th consecutive month of a surplus. The on-month drop was partly attributed to a rise in imports, which surged 10.54 percent from the previous month to $36.7 billion, outpacing a 4.86 percent gain in exports. The surplus in the goods account dipped to $10.74 billion in October from a $12.04 billion surplus a month earlier, according to the BOK. The deficit in the service sector widened to $1.99 billion from a revised $1.73 billion deficit in September. The increase in the service account deficit was attributed to a rise in the deficit in the travel account, which expanded to $850 million from $710 million in the previous month. The deficit in the intellectual property account also widened to $680 million in October from a $260 million deficit in September. The prime income account surplus came to $590 million in October, compared with a $740 million surplus in the previous month. In the first 10 months of the year, the current account surplus came to $87.89 billion, compared with a $66.66 billion surplus in the same period last year, according to the BOK. The surplus in the goods account climbed to $101.82 billion from a $71.73 billion surplus over the cited period, while the deficit in the service sector also widened to $16.12 billion from $3.48 billion. bdk@yna.co.kr (END)