South Korea's exports will likely grow at a slower pace in the second half than in the first half due to lingering external uncertainties, the commerce ministry said Tuesday.

"The ongoing global fiscal and financial crisis have not had a direct impact on South Korean trade until now, but exports growth in most industrial sectors is likely to slow down in the second half," the Ministry of Knowledge Economy said in a statement released after holding an emergency meeting with chiefs of trade- related agencies.

The ministry said external uncertainties and risks to international trade conditions were heightened due to the U.S. credit rating downgrade by the Standard & Poor's and the spread of the European fiscal crisis.

The meeting participants, however, shared the view that the crisis could be an opportunity for expanding its exports. "The participants shared the view that the ongoing crisis could act as a chance to expand the nation's exports if the country utilizes positive factors, including the continued economic growth in newly emerging economies such as the Association of Southeast Asian Nations (ASEAN) and the fee trade agreement (FTA) with the European Union (EU)," the ministry said.

Exports, which account for around half of the nation's economy, reached a new high of 51.4 billion U.S. dollars in July, sending the trade surplus to a record high of 7.2 billion dollars. Exports to emerging countries now account for about 70 percent of the total exports, up from 65.9 percent in 2007, according to the finance ministry.