Seoul, Jan 30 (IANS) South Korea’s current account surplus contracted to a three-month low last month as the travel-related service deficit widened despite brisk exports of major export items, the central bank said Monday.

The surplus reached $3.96 billion in December, down from a revised $4.56 billion tallied in the previous month, according to the Bank of Korea (BOK).

For the whole year of 2011, the surplus amounted to a combined $27.65 billion, down from $29.39 billion a year earlier.

The December figure was the smallest since $2.83 billion recorded in September of last year, but it has remained in the black for the 22nd consecutive month. The current account is the broadest measure of international trade, including goods, services and investment income.

The narrowing surplus came as service account turned negative amid growing shortfalls in the travel-related service although exports remained robust despite Europe’s debt crisis and the possible economic slump.

On a work-in-progress basis, exports stood at $48.83 billion in December, up from $46.66 billion registered in the previous month. Overseas shipments of locally made steel products and automobiles grew at a faster pace than the previous month, while exports of telecommunication devices and display panels continued their downward trend.

Imports also increased to $44.97 billion last month from $42.66 billion a month before, sending the goods account surplus to $3.85 billion. Inbound shipments of crude oil and natural gas grew at a faster pace, but import growth for consumer goods slowed.