The South Korean Commerce Ministry said Wednesday that the country's exports this year are expected to exceed 318 billion U.S. dollars on the back of brisk sales of ships, autos and machinery.

In August, the exports are expected to surpass 200 billion U.S. dollars, one month faster than last year, the ministry said.

During the first seven months of the year, South Korea's exports have increased 14.1 percent with daily exports averaging 11.25 million U.S. dollars, the ministry said.

The South Korean economy is expected to grow 5 percent this year as private spending and overseas sales boost.

Source: Xinhua