South Korea's exports shrank some 16 percent on-year in January, declining for the fourth consecutive month. 

According to the Ministry of Trade, Industry and Energy on Wednesday, the country's outbound shipments dropped 16-point-six percent from a year earlier, standing at 46-point-27 billion U.S. dollars last month. 

Outbound shipments of semiconductors, a leading export item, plunged 44-point-five percent, due to falls in chip prices and demand. 
 
Imports dropped by two-point-six percent on-year to 58-point-95 billion dollars. This has resulted in an all-time monthly high trade deficit of 12-point-69 billion dollars. 

The nation has logged a trade deficit for eleven straight months since March last year, the longest streak since January 1995 to May 1997.