SEOUL, Dec. 19 (Yonhap) -- The Seoul government set up an emergency economic monitoring center Monday to help minimize possible impact from growing regional uncertainties stemming from North Korean leader Kim Jong-il's death.

The move came hours after the North's state media reported that Kim died Saturday while on a field guidance tour.

"Economic uncertainty will likely grow due to the change in North Korea," an official from the Ministry of Knowledge Economy told reporters.

The emergency center will daily check any changes or developments in the market and report to an emergency economic panel, to be headed by Knowledge Economy Minister Hong Suk-woo.

The center will also apply industry-specific monitoring to deal with any negative impacts stemming from the North Korean leader's death on the country's exports, according to the ministry.

South Korea's trade volume reached an all-time high this year, topping US$1 trillion for the first time.

The growth of its exports, however, were already slowing down in the second half of the year amid worsening global economic conditions, growing 13.8 percent on-year in November, far below the estimated annual average of 19.4 percent.