South Korea's exports decreased five-point-eight percent in January from a year earlier due to a slowdown in chip demand and a trade dispute between the U.S. and China. 

According to preliminary data by the Ministry of Trade, Industry and Energy on Friday, the country's outbound shipments came to 46-point-three billion dollars for January, down from 49-point-two billion posted a year earlier. 

Exports contracted for the second consecutive month, a first since October 2016. 

South Korea's trade surplus came to one-point-three billion dollars in January, marking 84 straight months in which the country's exports have exceeded imports. 

However, the January figure represents a sharp decrease from last year's monthly average trade surplus of five-point-nine billion dollars. 

The ministry said the trade dispute between the U.S. and China, along with the weaker performances of semiconductors and refined petroleum products were responsible for the on-year decrease.