South Korea's exports declined for the third consecutive month in February due to the global economic slowdown and falling chip prices.

Data released by the Ministry of Trade, Industry and Energy on Friday showed the country's outbound shipments came to 39-point-56 billion U.S. dollars last month, down eleven-point-seven percent from a year earlier.

It marks the first time since July 2016 that exports contracted for three straight months. 

Imports also decreased 12-point-six percent over the cited period to reach 36-point-four billion.

The trade balance managed to stay in the black with a surplus of three-point-one billion dollars, extending the surplus rally to 85 months, but the latest tally represents a significant drop from a monthly average of five-point-nine billion dollars last year.