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S. Korea seeking for turnaround in exports in H2

All News 13:59 July 26, 2016

SEOUL, July 26 (Yonhap) -- South Korea on Tuesday unveiled a set of measures to try to create a turnaround in exports in the second half of this year.

South Korea's exports fell 10 percent in the January-June period, compared to a year earlier. June also marked the 18th consecutive monthly decline in exports since January 2015.

Trade Minister Joo Hyung-hwan said that it remains unclear whether South Korea can make a turnaround in exports, citing heightened uncertainties over economic slowdown in emerging markets, lower demand from China and the fallout from Britain's decision to leave the European Union.

He made the comments in a meeting with public officials and executives of private companies on how to boost exports.

Joo called for increased exports of consumer goods as parts of efforts to make a turnaround in exports. He cited high-end cosmetic line Sulhwasoo of South Korea's top cosmetics maker AmorePacific Co. as a success case in the consumer sector.

Accumulated global sales of Sulhwasoo surpassed the 1 trillion won (US$877 million) mark last year. Sulhwasoo is one of the most popular items among Chinese nationals.

South Korea is set to announce measures later this week to produce premium fashion and household items.

Joo also vowed to expand the number of South Korea's 'leading procurement companies' to 1,000 from 600 this year to make the most of the global procurement market, worth an estimated $6.4 trillion won.

Joo also said South Korea will increase the coverage of trade insurance to exporters to new markets to ensure that they can concentrate on making inroads into the new markets without taking risks.

The state-run Korea Trade Insurance Corporation plans to provide a total of 95.2 trillion won in trade insurance coverage in the second half, compared with 73.5 trillion won in the first half.


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