South Korea's exports fell 17.4 percent on-year in the first 20 days of March, data showed Tuesday, amid the protracted downcycle in the global semiconductor industry.

The country's outbound shipments stood at $30.9 billion in the March 1-20 period, compared with $37.4 billion a year earlier, according to the data from the Korea Customs Service.

Imports decreased 5.7 percent on-year to $37.3 billion during the period, resulting in a trade deficit of $6.3 billion.

In February, the country's outbound shipments fell 7.5 percent on-year to $50.1 billion as exports of chips dived 42.5 percent over the period.

Exports have logged an on-year fall since October last year amid aggressive monetary tightening by major economies to tame inflation. The country has suffered a trade deficit for 12 straight months.

South Korea announces its full monthly trade balance report on the first day of each month. (Yonhap)