General

Watson & Band Import and Export Data Observation reported that multiple departments of the South Korean government recently jointly released the "Strategy for Enhancing Export Competitiveness", proposing that the government will increase the government's financing support for export enterprises, focus on controlling risk factors in foreign trade, and continue to strengthen the main export industries. Technology research and development policy support.

Since April this year, South Korea's trade balance has been in deficit for five consecutive months. According to the import and export data released by the Ministry of Industry, Trade and Energy of South Korea, South Korea’s imports in August increased by 28.2% year-on-year, exports increased by 6.6%, and the trade deficit was 9.47 billion US dollars, setting a record for 66 years of relevant statistics. In terms of exports, exports of petroleum products, automobiles, and steel in August hit new highs in the same month over the past year, and exports of secondary batteries hit a monthly record; however, due to unfavorable factors such as weakening global demand and falling prices, semiconductor exports decreased by 30.5% year-on-year. The Korea Development Research Institute believes that the downturn in the semiconductor industry's prosperity may become a negative factor for South Korea's economic development in the future.

Watson & Band Import and Export Data Observation reported that the Ministry of Industry, Trade and Energy of South Korea, the Ministry of Planning and Finance, the Ministry of Small and Medium Venture Enterprises, the Ministry of Oceans and Fisheries, the Customs Department and other departments jointly issued the "Strategy for Enhancing Export Competitiveness" to alleviate the current export problems and boost the economy. In the financial field, the government will raise the annual limit of trade insurance for export companies, and will provide trade financial support of up to 351 trillion won (1 yuan is about 200.16 won). The strategy also proposes that in the second half of the year, 750 small and medium-sized export companies will be supplemented with logistics costs, and 60 billion won in special low-interest financing will be provided to small and medium-sized enterprises that are struggling to operate. In the field of major export industries, the strategy proposes that by 2026, it will provide about 3.7 trillion won in research and development support for industries such as green and unmanned ships, new energy vehicles, and system chips, and strive to cultivate 140,000 professionals by 2026. ; Build relevant infrastructure and provide tax incentives for the secondary battery industry.

In the field of semiconductors, the strategy proposes to cultivate 150,000 relevant talents in the next 10 years and strengthen support for the leading technology of system semiconductors. The government will support semiconductor design, materials, and components companies to participate in global exhibitions, and hold business meetings, etc., to strengthen overseas marketing; expand export credit guarantees for small and medium-sized enterprises related to semiconductor raw materials, components, and equipment, and expand export insurance. Short-term trade financial support such as discounts, Huacheng Import and Export Data Observation Report.

In terms of exports to China, the strategy proposes to strive to promote the integration and integration of information and communication technologies, deepen cooperation in new materials, key components, technical equipment, service industries and other fields, and provide support for the export of green industries such as smart cities and renewable energy.

South Korean Deputy Prime Minister of Economy and Minister of Planning and Finance Chu Kyung-ho said that South Korea will speed up the implementation of relevant strategies to strengthen export competitiveness and seek trade revitalization plans in an all-round way, Watson & Band Import and Export Data Observation reported.