Korea’s exports tumbled 18.5% in Jan.

Korea’s exports contracted 18.5 percent in January compared to last year, according to government data Monday.

With the latest decline, exports from the country extended their losing streak to 13 straight months. Overall outbound shipments reached $36.7 billion last month, compared to $45.1 billion a year ago, showed data from the Ministry of Trade, Industry and Energy. 

A nighttime view of Busan Port (Yonhap)

The January decline was the largest on-year fall since August 2009. Exports have been on a steady decline since the first month of 2015 due to weak overseas demand amid a slowing global economy.

Meanwhile, Korea’s imports also plunged 20.1 percent on-year to $31.4 billion last month.

Trade surplus came in at $5.3 billion, marking the 48th consecutive month of surplus. The January figure was down slightly from $5.8 billion in the same month of last year.

(khnews@heraldcorp.com)