The country’s current account balance returned to the black in May on the back of a trade surplus and increased dividend payments from overseas.

According to tentative data by the Bank of Korea on Friday, the country's current account balance logged a surplus of one-point-93 billion U.S. dollars in May, reversing from a deficit of 790 million dollars a month earlier.

The current account balance for the first five months of the year, however, posted a shortfall of three-point-44 billion dollars, down 22-point-25 billion dollars from a year earlier.

The balance of goods posted a surplus of one-point-82 billion dollars in May, coming in positive for the second consecutive month.

Exports slipped 14-point-seven percent on-year in May, the ninth straight month of decline since September of last year, while imports fell 13-point-five percent on-year.

The balance of services also marked a shortfall of 910 million dollars, with the travel balance logging a deficit of 820 million dollars as trips to Japan sharply increased.