SEOUL - SOUTH Korea's current account swung to a deficit in January as exports plunged because of the global economic slump, the central bank said on Friday.

The shortfall was 1.36 billion dollars, as compared to an 860.8-million-dollar surplus in December. The December figure was the third consecutive monthly surplus.

The figures could put extra pressure on the won, which has sunk to nearly an 11-year low against the dollar.

The goods balance posted a deficit of 1.46 billion dollars in January compared with a 1.5-billion-dollar surplus the previous month, as exports slumped because of the global downturn and the Lunar New Year holiday here.

Customs-cleared exports plunged 33.8 per cent year-on-year to 21.37 billion dollars last month and imports declined 31.9 per cent to 24.72 billion dollars.

The shortfall in the service account, which includes South Korean spending on overseas trips, narrowed to 708.5 million dollars in January, compared to a 1.52-billion-dollar deficit a month earlier.

The income account, which tracks wages for foreign workers and dividend payments overseas, logged a surplus of 564 million dollars last month, down from 576 million dollars a month earlier.

The capital account, which tracks cross-border investments, posted a net inflow of 4.86 billion dollars in January compared with a net outflow of 4.83 billion dollars a month earlier.

The current account is the broadest measure of trade, service and investment flows into and out of the country. Last year the country posted its first annual current account shortfall in 11 years, a 6.41-billion-dollar deficit, as soaring oil prices pushed up import bills.

The government is forecasting an annual surplus in the account this year. -- AFP