Data from the ministry shows that the decrease broke a 15-month streak of positive export growth that had continued since October 2023, though daily average exports rose approximately 8 percent compared to the previous year.
Among the country's 15 major export items, only two products showed growth, with semiconductors recording $10.1 billion in exports, the second-highest January figure ever, extending their growth streak to 15 consecutive months.
Computer exports also increased by 14.8 percent, maintaining positive growth for 13 straight months.
Minister of Trade, Industry and Energy Ahn Duk-geun attributed the overall export decline primarily to a reduction in working days, which decreased by four days compared to the previous year as the Lunar New Year holiday shifted from February in 2024 to January this year.
Imports decreased 6.4 percent from the previous year to $51 billion, resulting in a trade deficit of $1.89 billion for January.
The trade balance turned negative for the first time since June 2023, ending a 19-month streak of trade surpluses.
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