SEOUL-- South Korean exporters need to strengthen their risk management as the local currency is set to rise further next year due to a variety of factors, market watchers here said Monday.

In a seminar held in Seoul, foreign-exchange analysts said domestic exporters will have to be prepared for a stronger won as the local currency is on track to strengthen further against the U.S. dollar, the Korea International Trade Association (KITA) said in a statement.

They said three factors -- expectations of an economic recovery in South Korea, the country's sustained current account surpluses, and recent currency swap deals with China and Canada -- will support the won's strength in 2018, the statement said.

As the dollar is forecast to move between 1,060-1,115 won next year, experts advised local exporters to cope with any volatile foreign exchange moves by buying insurance policies, for instance.

In particular, electric and electronic and transportation equipment makers need to thoroughly prepare for a stronger won as they get more than 50 percent of their earnings overseas, they said.

The won has risen 11 percent against the greenback so far this year, far higher than the yen's 5.9 percent gain and the yuan's 5.8 percent gain, KITA said.

The South Korean currency traded at 1,085.40 won to the greenback Friday.

Source: Yonhap News Agency