South Korea has suffered a sharper drop in exports than other member states of the Organization for Economic Cooperation and Development (OECD) in January.

According to the data by the OECD, South Korea's exports shrank five-point-nine percent in January from a year earlier, ranking 26th out of the 32 OECD member countries in terms of export growth pace.

The country's rankings fell from second in October last year to 15th in December with negative growth of one-point-seven percent – but in January this year, the nation suffered a sharper drop to 26th.

South Korea's January exports performance ranked 15th among 17 members of the Group of 20, whose average exports growth marked a minus one percent.

A Bank of Korea official said that amid sluggish global trade, South Korea suffered a sharper decline in its exports than other countries due to its heavy dependence on semiconductors and petrochemical goods.