Stormy outlook for exports

South Korea’s exports tumbled in January, ending a 15-month growth streak that led to its first trade deficit in 20 months.

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The turnaround has come at a time when the export-dependent country is likely to confront a global tariff war signaled by the imposition of new tariffs by US President Donald Trump.

On an on-year basis, Korea’s outbound shipments dropped 10.3 percent to $49.1 billion and imports fell 6.4 percent to $51 billion last month, according to data released by the Ministry of Trade, Industry and Energy on Saturday. The figures resulted in a trade deficit of $1.89 billion.

Semiconductors, the country’s flagship export item, fared well in January, logging $10.1 billion in exports, or an 8.1 percent increase on-year. It is notable that chip exports have continued to top $10 billion for nine months in a row.