In a bid to bolster its export sector, the Ministry of Trade, Industry and Energy of South Korea has unveiled plans to infuse a staggering sum of KRW255 trillion (equivalent to $189.4 billion) into trade insurance initiatives throughout the year.
This commitment marks a notable increase from the previous year, with an augmentation of KRW10 trillion compared to the KRW245 trillion allocated in 2023. The trajectory of support has seen a significant ascent over the past five years, rising from KRW156 trillion in 2019 to its current unprecedented level.
During a recent gathering with business leaders, Minister of Industry Ahn Duk-geun emphasized the resilience of South Korea’s export landscape, even amid challenges such as sustained monetary tightening, supply chain realignments stemming from tensions between the United States and China, geopolitical uncertainties, and pivotal elections in major economies.
Minister Ahn asserted, “Despite the headwinds, our exports have demonstrated remarkable resilience, buoyed by the robust performance of key products in crucial markets. As we embark on March, we anticipate sustained growth for the sixth consecutive month.”
The Korea Trade Insurance Corporation, operating under the purview of the Ministry of Trade, Industry and Energy, stands as South Korea’s official export credit agency, playing a pivotal role in facilitating and safeguarding the nation’s trade endeavors.
