Exports during the October-December period are now seen declining by an average of 4.5 percent from a year earlier, the survey of 500 manufacturing companies by the Korea Chamber of Commerce and Industry found.

South Korean exports fell 1.7 percent in the second quarter from a year before and by 7.5 percent for the July-August period, weighing down Asia's fourth-largest economy that depends heavily on overseas sales for growth.

China, the European Union and the United States are the top three markets for South Korea, taking in more than 40 percent of total exports, which are led by electronic goods, machinery, ships, cars and petrochemicals.