The industry ministry said Monday the government will inject a record amount of 255 trillion won (US$189.4 billion) in trade insurance this year.
“Despite prolonged monetary tightening, supply chain reshuffling due to U.S.-China tensions, geopolitical risks, and major countries’ elections, exports have shown a robust start this year,” Industry Minister Ahn Duk-geun said during a meeting with business officials.
South Korea’s exports moved up for the fifth consecutive month in February as the outbound shipments of chips maintained an upward trajectory, advancing 4.8 percent on-year to $52.4 billion.
“On the back of the strong performance of major products in key markets, exports are set to maintain growth in March to rise for six straight months,” Ahn added.
The trade minister noted that the budget allocated for trade insurance will help South Korea achieve its annual export target of $700 billion in 2024.
The ministry said that out of the budget, 136 trillion won will be allocated to key sectors, such a
s chips, batteries and ships.
An additional 7 trillion won will be spent on the defense industry, while 15 trillion won will be allocated to the energy sector and 4 trillion won to the defense industry, it added.
Source: Yonhap News Agency