South Korea is expected to suffer a 5.8 percent drop in its exports to Europe from the economic impact of Greece's possible exit from the eurozone, or the "Grexit," a trade agency said Sunday, although the consequences will not be as serious as the eurozone crisis in 2010.

"If the Grexit happens, the eurozone's economy growth will fall 1 percentage point and the South Korean won will add 13.6 percent against the euro. This will lead to a 5.8 percent drop in exports," said Korea International Trade Association.

KITA said by segment, ships, automobiles, displays and mobile devices, will be major losers if the Grexit happens.

"South Korean exporters must utilize the free trade agreement with the European Union and diversify its exports by tapping into new markets," KITA added. "The government should continue monitoring the foreign exchange markets at home and abroad."

The EU took up 9 percent of South Korea's exports in 2014, although Greece accounted for 0.2 percent.

The KITA, however, said the consequences of the Grexit will not be as serious as previous eurozone crisis, as the European Central Bank's market stimulus efforts that began in March are expected to limit the damage spreading across the eurozone. (Yonhap)