A local think tank predicts that South Korean exports to China this year could drop by more than 36-point-nine billion dollars due to China's economic woes, leading to a one-point-two percentage point decline in Korea's growth rate.

The Hyundai Research Institute made this projection in a report released Thursday underlining lackluster South Korean shipments to the world's second largest economy.

South Korean goods accounted for six-point-two percent of China's import market from January to July this year, down from seven-point-four percent last year.

The institute came up with the predictions based on various factors including the won-dollar exchange rate and the 26 percent drop in exports to China recorded during the first seven months.

Smaller exports to China are expected to reduce national gross domestic product by about 24-point-three trillion won, or one-point-two percent of last year's GDP. 

The think tank calls for government support for small and mid-sized exporters that are vulnerable to China-related risks.