(ATTN: UPDATES with more comments by finance minister in paras 6-9; ADDS photo)
SEJONG, June 12 (Yonhap) -- South Korea aims to achieve US$35 billion worth of exports in five major consumer goods by 2022, the finance minister said Wednesday, in the latest efforts to boost its slowing exports.
Hong Nam-ki, the minister of economy and finance, set the target in a meeting with officials in Sejong on how to revitalize Asia's fourth-largest economy.
The five major consumer goods are cosmetics, fashion items, baby products, pharmaceutical products and agricultural and fishery products.
The combined value of outbound shipments of the five consumer goods reached $27.7 billion in 2018, up from $20 billion in 2014.
They accounted for 4.6 percent of South Korea's total exports last year, up from 3.5 percent in 2014.
Hong said the government will unveil its plan, including investment projects worth 10 trillion won (US$8.4 billion), later this month as part of efforts to boost exports and revitalize the economy.
South Korea's exports dropped 9.4 percent on-year to US$45.9 billion in May, extending their on-year fall for the sixth consecutive month due mainly to sluggish shipments of chips and the weak Chinese economy.
Also Wednesday, Hong again urged parliament to quickly pass the 6.7 trillion-won extra budget bill meant to cope with an economic slowdown and fine dust air pollution.
In April, the government proposed the supplementary budget bill to the National Assembly, but it is still pending at the parliament due to a political standoff between rival parties.
S. Korean duty-free operators going abroad for another boom
Retail giants evolving after learning hard lessons from e-commerce rivals
Economic uncertainty prompts rush to safe assets
Korean chipmakers gearing up for fledging autonomous vehicle market
Samsung struggles to craft global strategy amid U.S.-China trade war, biz slump