A domestic think tank said Thursday that although South Korean exports dropped in the first quarter amid the COVID-19 pandemic, the decrease is smaller than other key rival countries.

According to the Korea International Trade Association(KITA), the country's exports fell one-point-four percent on-year in the January to March period, but this was still better than other major economies including the U.S, whose exports slipped over three percent. 

Shipments by Germany sank four percent, while Hong Kong dropped ten-point-seven percent. India and China's exports each shrunk about 13 percent.

KITA said South Korea's relatively better performance is because export volume increased nearly six percent even as the unit price of shipments fell seven-point-seven percent amid a plunge in semiconductor and global oil prices.