Growth in South Korean exports moderated at the start of the year, suggesting any recovery in global trade this year could be bumpy.

The value of shipments adjusted for working-day differences increased 2.2% from a year earlier in the first 20 days of January, according to data released Monday by the trade ministry. Headline exports fell 1%. Overall imports declined by 18.2%, resulting in a trade shortfall of $2.6 billion.