Seoul: The head of South Korea's trade promotion agency has highlighted the "challenging" external conditions facing the nation's exports, amid trade uncertainties and a global technology race. Kang Kyun-sung, the chief executive officer of the Korea Trade-Investment Promotion Agency (KOTRA), expressed these concerns during a parliamentary audit by the trade, industry, energy, SMEs, and startups committee.
According to Yonhap News Agency, Kang emphasized South Korea's heavy reliance on exports to the United States and China as a critical factor contributing to the current challenges. He also pointed to geopolitical uncertainties and the ongoing global technology race as key issues. Despite a 2.2 percent increase in Korea's exports on a year-on-year basis as of the end of September, Kang noted that local companies are encountering growing difficulties, particularly as the impact of Washington's tariffs becomes more pronounced.
Kang assured that KOTRA is exerting significant efforts to sustain the country's export momentum. The agency is focusing on diversifying its markets towards the Global South, which includes countries in Africa, Latin America, Asia, and Oceania, especially amid a worldwide boom of Korean culture. Furthermore, KOTRA has set up a dedicated consultation center to address challenges related to the tariff scheme introduced by the former administration of President Donald Trump. Kang mentioned that the agency has already conducted approximately 8,000 consultations with local companies to tackle these issues.