Seoul: A number of local business leaders see the need for a "strategic trade policy" to deal with the United States' evolving tariff policy, calling it the most urgent economic initiative the new government needs to take, a poll showed Friday.
According to Yonhap News Agency, the Korea International Trade Association (KITA) conducted a two-day poll last month involving 416 trade industry executives and employees. The results revealed that 20.7 percent of respondents identified a strategic trade policy aimed at maximizing national interest as the top priority among the Lee Jae Myung administration's economic and trade-related campaign pledges.
Following closely behind, 20.3 percent of respondents emphasized the need for diversification of export markets and products. Support for transforming small businesses into export firms was also highlighted, with 18.1 percent of respondents considering it a priority.
The primary reason cited for the necessity of a strategic trade policy was the risk associated with Washington's tariff policies under U.S. President Donald Trump. KITA noted that South Korean exporters are hopeful for a level playing field concerning export conditions to the United States.
In terms of industry outlook for this year, 43.3 percent of respondents anticipated a decline in exports by more than 5 percent compared to last year. Only 17.8 percent predicted an increase, while 38.9 percent expected export levels to remain similar to those in 2024.
"The trade sector hopes for the new government to swiftly establish a stable trade environment, diversify tech-intensive export goods categories, and support small businesses in expanding overseas," a KITA official stated.