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S. Korea to foster exports of consumer goods

All Headlines 10:30 June 12, 2019

SEOUL, June 12 (Yonhap) -- South Korea's industry ministry said Wednesday it will lend a hand to exporters of major consumer products, such as cosmetics and pharmaceuticals, by providing them with financial aid and other support in line with efforts to boost outbound shipments.

The support measures will center on supporting the top five consumer goods, namely cosmetics, fashion items, baby products, pharmaceuticals and agricultural products, according to the Ministry of Trade, Industry and Energy.

"Despite the challenging environment for trade, the top five consumer products posted strong growth," Industry Minister Sung Yun-mo said. "The latest measure will focus on maintaining the growth momentum of such goods."

Exports of the five segments shot up 38.5 percent in 2018 from four years earlier to US$27.7 billion.

Under the plan, the government plans to extend 8 trillion won (US$6.77 billion) in trade financing this year, up 67 percent on-year.

The government will also help exporters of cosmetics and pharmaceuticals tap major offline stores abroad, including popular department stores in the United States and Europe.

To beef up the competitiveness of the consumer products, the government will allocate 195 billion won to research and development projects this year, helping local firms release high-end products that meet global needs.

The measure came as the country's exports fell 9.7 percent on-year to $45.9 billion in May, extending their slump for the sixth consecutive month in the face of the growing trade dispute between the U.S. and China, and a sharp drop in prices of semiconductors.

colin@yna.co.kr
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