South Korea's exports dropped five-point-five percent on-year in 2020 amid the COVID-19 pandemic but retained its status of the world's seventh largest exporter.

According to a report on the ten major exporters by the World Trade Organization (WTO) on Sunday, South Korea's five-point-five percent contraction in exports is the fourth best performance.

The WTO also said the country's exports accounted for three-point-one percent of global exports last year.

The figure rebounded above three percent in 2020 after posting two-point-nine percent the previous year to fall below three percent for the first time in eleven years.

The WTO report said South Korea ranked ninth in the rankings of trade volume, unchanged from the previous year, and its trade accounted for three percent of global trade last year.