Exports declined more than ten percent from a year ago in January to post their first contraction in 16 months. 

According to data from the Korea Customs Service on Monday, the country’s outbound shipments reached 49-point-one billion U.S. dollars last month, down ten-point-two percent from a year earlier. 

The customs service attributed the fall to fewer working days due to the Lunar New Year holiday in January. 

Semiconductor exports rose seven-point-two percent on-year, while shipments of petroleum products plunged nearly 30 percent in January.

Exports to China fell 14 percent, and exports to the United States declined nine-point-four percent.

Imports dropped six-point-four percent year-on-year to 51 billion dollars, resulting in a trade deficit of one-point-nine billion dollars.