South Korea's current account surplus narrowed in July from a record high in the previous month due mainly to a fall in the goods balance, data showed Wednesday.
  

The current account surplus reached $10.11 billion in July, compared with a revised $12.11 billion surplus in June, according to the provisional data released by the Bank of Korea. The current account is the biggest measure of cross-border trade.
  

The monthly decline was largely attributed to a drop in the balance of goods, which slumped to $10.86 billion from $13.14 billion a month earlier.
  

Exports and imports both continued to move south in July compared with the previous year, with the on-year decline in exports quickening to 10.4 percent from 2.1 percent. Imports dropped 20.6 percent from a year earlier, also accelerating from a 17.3 percent plunge in June, the central bank data showed.
  

The service account saw its deficit narrow despite a weakened travel account. The service account deficit reached $1.92 billion, compared with a $2.5 billion shortfall in the previous month.
  

The surplus in the primary income account slipped to $1.28 billion from $1.68 billion on a dip in dividend income, according to the data.
  

South Korea's current account surplus in the first seven months of the year totaled $62.43 billion, compared with $47.31 billion in the same period last year. (Yonhap)