May 02, 2024

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[THE INVESTOR] Korea will take proactive measures to boost exports to keep the growth momentum going despite rising protectionist policies by major trading partners and fewer working days in February, the Trade Ministry said on Feb. 13.

The ministry expected the export growth will slow this month due to fewer working days from the Lunar New Year holiday, which falls later in the week, coupled with rising import restrictions by major economies.

“The internal and external environments are not favorable for exports in February,” Kim Young-sam, deputy minister for trade and investment, said in a meeting with local trade associations. “In addition to fewer working days, rising import restrictions and intensifying trade conflicts with the United States and China could negatively affect South Korean exports.”

The ministry said it will spend 60 percent of the marketing budget for exports of 155.9 billion won (US$143.80 million) in the first half of this year and explore ways to boost economic ties with emerging economies in Southeast Asia to diversify overseas markets.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)