The prediction came at a meeting between Prime Minister Han Seung-Soo and top economic policymakers, said Cho Won-Dong, head of the government management office under the prime minister.
Policymakers expect a trade surplus of US$4 billion (S$6.11 billion) in the fourth quarter following three straight quarters of deficit, he said.
'While exports are deteriorating, a drop in raw material costs is leading to fewer imports,' Mr Cho was quoted by Yonhap news agency as saying.
South Korea's trade deficit reached US$14.24 billion in the first nine months of this year, compared with a surplus of US$11.93 billion a year ago.
The deficit was mainly caused by high oil and raw material prices.
The prime minister called for pre-emptive efforts to tackle the economic slump, saying signs of a slowdown in the real economy are surfacing faster than expected, Mr Cho said.
South Korea's export growth has been slow this year with the global crisis raising its import bills sharply. South Korea is the world's fourth-largest oil importer.
Exports account for some 40 per cent of the country's gross domestic product. The government has increased financial aid to exporters. -- AFP