South Korea's exports posted the first double-digit growth in 11 months in January due to more business days, but the average daily export growth slowed, resulting in a reduction in trade surplus, a government report showed Friday.

Exports, which account for more than half of the South Korean economy, rose 11.8 percent in January from a year earlier to 46.09 billion U.S. dollars after falling 5.7 percent in the prior month, the Ministry of Knowledge Economy said in a statement.

Imports increased 3.9 percent in January from a year earlier to 45.21 billion dollars, a turnaround from a 5.2 percent decline in the prior month.

The January exports marked the first double-digit growth in 11 months due to a positive base effect from more working days. The January 2013 had more business days than in 2012 when the Lunar New Year holiday fell in January. In 2013, the holiday falls in February.

The January export growth rebounded from a 5.7 percent drop in the prior month as December 2012 had fewer business days due to the presidential election.

"January's relatively strong export growth is mainly due to a delay in exports from December to January amid December 2012 having fewer business days, and the fact that January 2013 has more business days than in 2012 because of the Lunar New Year holiday," Park Hee-chan, an economist at Mirae Asset Securities in Seoul, said in a report before the data release.

The average daily export growth slowed to 2.5 percent in January after posting 7.5 percent in the prior month, leading to the lowest trade surplus in 11 months.

Trade surplus was 874 million U.S. dollars in January after recording a 1.92 billion dollar surplus in the previous month. The reading turned around from a deficit of 2.29 billion dollars in January 2012, but it marked the lowest since February 2012.

The country's exports were boosted by a recovery in major economies such as the United States and China, South Korea's two major trading partners. Outbound shipments to the U.S. and China increased 21.2 percent and 16.6 percent each in January, with those to the ASEAN nations and the Middle Eastern countries rising 17 percent and 16.2 percent respectively.

Global demand showed signs of recovery. Existing home sales in the U.S. grew the most in five years in 2012, and China's fourth- quarter economic growth made the first rebound in two years. Confidence among South Korean consumers and businesses improved in January in accordance with the enhanced global conditions.

Exports to the European Union (EU) remained sluggish amid the persistent fiscal crisis in the region. Shipments to the EU declined 3.2 percent in January after falling 6.7 percent in the fourth quarter of last year and 4.6 percent in the third quarter each.

South Korea's major export items showed great performance. Exports of telecommunication devices and autos jumped 32.8 percent and 24.3 percent in January from a year before, with those for petrochemical products and textile products increasing 17.8 percent and 17.4 percent each. Chip exports rose 6.4 percent, and flat screen shipments increased 16.4 percent.

Despite the brisk exports, the ministry cautioned over the possible negative effects from the stronger won, saying that the won's ascent against the U.S. dollar and the Japanese yen would worsen price competitiveness and profitability of local exporters.

The South Korean won rallied 7.6 percent versus the greenback in 2012, and the currency surged 19.6 percent to the yen last year, the strongest gain in 14 years.