South Korea's service exports shrank about eight percent last year from a year earlier amid the service industry's weakening competitiveness. 

According to data from the Organization for Economic Cooperation and Development(OECD) on Monday, the country's exports in the service sector came to 87-point-72 billion U.S. dollars last year, down seven-point-six percent from the previous year. 

Among the 35 OECD members, South Korea was the sole country that suffered a fall in service exports. The OECD average was a growth of seven-point-two percent.

South Korea also posted negative growth for the third consecutive year. Its service exports contracted two-point-nine percent on-year in 2016 and 12-point-eight percent in 2015. 

A strong local currency is considered a factor for the drop, but the service industry's weakening competitiveness is cited as the main cause of the fall.