The South Korean government is mulling various countermeasures as exports, a de-facto silver lining for the fourth largest Asian economy, are showing signs of slowing. 

The Korea Customs Service said on Monday that the country’s outbound shipments during the first 20 days this month stood at 25-point-seven billion U.S. dollars, down by 14-point-six percent from the same period last year. 

If the trend holds, January will be the second consecutive month exports post an on-year decline following a one-point-two percent drop in December. 

The decline in exports is largely attributed to the drop in the shipment of semiconductors that account for nearly 20 percent of the country’s exports.  During the period, semiconductor exports dwindled by 28-point-eight percent. 

The trade spat between the United States and China, the two biggest markets for South Korea, is beginning to have negative impacts on South Korean companies. According to a recent survey, nearly 44 percent of South Korean firms operating in China said they suffered a decline in local demand and trade. 

With growing awareness that this year will present a difficult time for exports, the Ministry of Trade, Industry and Energy on Monday held a joint strategy meeting with the private sector to discuss measures to assist exports.