Finance Minister Hong Nam-ki said on Wednesday that South Korea's exports are likely to shrink for the second consecutive month in January. 

The minister gave the pessimistic assessment during a meeting with the heads of economy-related ministries in Seoul.

Hong stressed the urgent need to swiftly produce measures to invigorate exports amid growing uncertainties from the slowing global economy and trade disputes. 

The minister said the government will finalize and implement measures to vitalize exports next month, along with detailed support measures for different sectors including overseas plants and farm products.

The Korea Customs Service said earlier that the nation's exports came to 25-point-seven billion dollars during the first 20 days of January, down 14-point-six percent on-year.