The 2015 tally marks the lowest level since a $3.38 billion deficit posted in 2011. It also marked a third consecutive year of decline from a $5.34 billion deficit in 2013 and $4.53 billion in 2014.

The deficit narrowed as exports, or income generated from intellectual property rights, spiked 19.8 percent on-year to $10.03 billion, while imports gained 8.8 percent over the cited period, according to the BOK data.

The data showed large local firms were importing or borrowing far more intellectual property rights than they were exporting.

In 2015, large Korean conglomerates exported $5.65 billion worth of intellectual properties while importing $8.21 billion.

Smaller firms, on the other hand, posted a $1.11 billion surplus in the account, exporting $2.33 billion worth of intellectual properties.

By sector, the country's manufacturing industry posted a $3.65 billion deficit, while the deficit incurred by the service industry narrowed to $370 million from a $630 million deficit the previous year.

By country, Korea posted a $6.68 billion deficit with the United States and a $1.96 billion surplus with China. (Yonhap)