Seoul: The industry ministry announced its commitment to doing its "utmost" to sustain South Korea's export momentum amidst global trade uncertainties, emphasizing the government's dedication to implementing support measures for local companies impacted by U.S. tariffs.
According to Yonhap News Agency, despite the imposition of U.S. tariffs, South Korea's exports saw a growth of 0.9 percent year-on-year in the January-August period, reaching US$453.8 billion, as reported by the Ministry of Trade, Industry and Energy.
Park Jung-sung, the deputy minister for trade and investment, highlighted during a meeting on export trends that the positive export growth was attributable to the fundamental product competitiveness of Korean companies and their efforts to diversify markets. He assured that the government would exert "utmost" efforts to assist Korean companies affected by U.S. tariff measures, based on the comprehensive support plan announced earlier this month.
The government also aims to support companies in diversifying their export destinations and boosting their export competitiveness. The ministry's data revealed that outbound shipments of semiconductors surged 16 percent year-on-year to $103.1 billion in the January-August period, with automobile exports increasing by 1 percent to $47.7 billion.
Biohealth products and ship exports rose by 6 percent and 24 percent to $10.5 billion and $19.4 billion, respectively. Conversely, steel exports declined by 7 percent to $20.7 billion due to the U.S. administration's 50 percent tariffs on all steel imports and global oversupply. Exports of petroleum and petrochemical products also contracted by 15 percent and 12 percent to $30 billion and $29 billion, respectively.
In the first 20 days of this month, South Korea's exports expanded by 13.5 percent year-on-year to $40.12 billion, driven by more working days and strong demand for semiconductors, based on data from the Korea Customs Service.
On September 3, the government announced plans to provide up to 570 billion won ($409 million) in emergency financial aid to Korean companies affected by the U.S. steel tariffs and to increase the volume of trade insurance offered this year to 270 trillion won.