South Korea sets export target of $685b this year

South Korean President Yoon Suk Yeol has set a target of exporting $685 billion worth of products this year, an increase of 0.2 per cent year-on-year, vowing to mobilise all the nation's capabilities to achieve this goal at an export strategy meeting recently.

The meeting was attended by related ministers and leaders of major exporters, including CJ CheilJedang, LG Energy Solution, HMM and CJ ENM.

Despite difficult economic conditions, Yoon noted that the country had achieved record-high exports of $683.6 billion last year. This year, experts predict a 4.5 per cent drop in exports due to the global economic slowdown and falling semiconductor prices.

However, the president emphasised the need to raise the bar from last year, as "exports are crucial to the Korean economy, which is highly dependent on foreign countries."

Yoon vowed to support the expansion of exports in 12 sectors, including nuclear power, defense, construction, agriculture, fishery products, content and biotech, emphasising that promoting exports and vitalising startups are "the only way" to overcome complex crises such as high-interest rates.

The government plans to invest 1.5 trillion won ($1.16 billion) in budget for pangovernmental exports support and expand the supply of trade finance to a record-high 362.5 trillion won, the presidential office said in a written statement on the day.

An export and investment officer would also be designated in each ministry to systematically inspect and manage the implementation of export targets.

Yoon pledged to run as the "No. 1 salesman at the forefront" to promote Korean exports, putting the economy and exports at the center of all diplomacy, urging all officials to mobilise their capabilities together.