The government is announcing a comprehensive strategy to strengthen export competitiveness at the end of this month as there are concerns that export growth is likely to slow as the trade deficit continues to expand and the exchange rate rises.
The Ministry of Trade, Industry and Energy announced today (24th) that they held an 'Export Status Inspection Meeting' at the Korea Trade Insurance Corporation in Jongno-gu, Seoul, presided over by Deok-geun Ahn, Head of Trade Negotiation Headquarters, and discussed ways to enhance export vitality and improve the trade balance in the second half of the year.
Export support organizations such as the Korea Trade-Investment Promotion Agency, Trade Insurance Corporation, and Korea International Trade Association, as well as associations by industry, such as semiconductors, oil refining, steel, and automobiles, participated in this meeting.
Director Ahn said, "Exports maintained an upward trend for 21 consecutive months until last month, but the increase in imports exceeded that of exports due to the expansion of energy imports, resulting in a loss in a row," said Ahn. The severe export situation for phosphorus semiconductors is continuing, with the export growth slowing down.”
He continued, "At the end of August, we will announce a comprehensive strategy to strengthen export competitiveness, including strengthening industrial competitiveness and stabilizing demand for energy imports."
In order to enhance export vitality in the second half of the year, the government will make efforts to support export activities and resolve difficulties in industries such as trade finance, logistics, and overseas marketing in the short term, and in the mid- to long-term, improve the competitiveness of the export industry by upgrading key industries, fostering promising export industries, and stabilizing the supply chain. We plan to strengthen
(Photo = Yonhap News)