Hwang stressed the importance of utilizing the bilateral free trade pact which took effect in December last year, to help stem the drop in exports, which have traditionally been the country's economic growth engine.

As of February, Asia's fourth largest economy posted 14 straight months of minus export growth.

According to government data, Korea's trade with China, its No. 1 trading partner, has been on the decline for the past three years. In 2014, the total volume of exports to China dipped 0.4 percent on-year with the pace accelerating to a 5.6-percent drop the following year. 

In February of this year, outbound shipments to China were down 12.9 percent compared to the same period last year.

Hwang has held meetings with various business representatives regularly since taking office in June 2015 to discuss measures to revive the economy. (Yonhap)