South Korea's exports will likely expand next year, marking a turnaround from two consecutive years of drop, though its trade surplus is expected to shrink due to fast growing imports, a report suggested Monday. 
According to the report from the Korea International Trade Association (KITA), the country's outbound shipments are expected to reach US$516.5 billion in 2017, up 3.9 % from an estimated $497 billion this year. 
The anticipated increase will mark the first on-year gain since 2014 when the country's exports rose 2.4% from the previous year. 
Outbound shipments plunged 8% on-year in 2015. In the first 10 months of this year, exports again dwindled 8% to $405.1 billion. 
KITA apparently predicted some improvement during the remainder of the year, insisting the country's annual export volume will reach $497 billion in 2016, marking a 5.6% drop from last year. 
The report noted South Korean and global trade conditions will largely be influenced by three main factors -- low growth, uncertainty and trade protectionism -- in 2017.