Seoul, Feb 1 - South Korea's trade balance went into the red for the first time in 24 months in January as exports reduced amid Europe's debt crisis and the global economic slowdown, a government report said Wednesday.

The trade deficit reached $1.96 billion in January, a sharp turnaround from a surplus of $2.9 billion in the same month of last year, according to the ministry of knowledge economy.

Exports, which account for more than half of the Asia's No. 4 economy, posted the first decline in 27 months, Xinhua reported.

Exports decreased 6.6 percent year-on-year to $41.54 billion last month, while imports grew 3.6 percent to $43.49 billion over the same period. (IANS)