South Korea’s trade volume is expected to post 972 billion U.S. dollars this year.

The Institute for International Trade, affiliated with the Korea International Trade Association, said in its report on Monday that the country’s imports and exports will fail to reach one trillion U.S. dollars this year for the first time in five years.

The decrease is attributed to the global economic slowdown and lower oil prices.

However, the institute projected that the nation’s trade volume will reach one trillion and five billion dollars next year due to economic recovery in advanced countries and improved consumer sentiment.