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Yoon sets S. Korea's export target at US$685 bln for this year

All News 13:26 February 23, 2023

By Lee Haye-ah

SEOUL, Feb. 23 (Yonhap) -- President Yoon Suk Yeol put forward South Korea's export target at US$685 billion for this year Thursday, up 0.2 percent from last year's total.

Yoon outlined the goal during an export strategy meeting with government and business officials, asking each ministry to set its own individual export target and designate an official to check and manage progress toward the goal, his office said.

"Experts are forecasting a 4.5 percent decline in exports this year due to the global economic slowdown and fall in semiconductor prices," Yoon said at the former presidential compound of Cheong Wa Dae, noting that despite difficult conditions, the country exported a record high $683.6 billion in goods and services last year.

"We must raise our target from last year and do our best to reach it," he said. "If exports slow and the trade deficit continues, our country, with the high external dependence of its economy, will face great difficulties."

President Yoon Suk Yeol (C) speaks during an export strategy meeting at Cheong Wa Dae in Seoul on Feb. 23, 2023. (Yonhap)

President Yoon Suk Yeol (C) speaks during an export strategy meeting at Cheong Wa Dae in Seoul on Feb. 23, 2023. (Yonhap)

Yoon called on all ministries to go beyond their individual goals and work together to support export businesses, saying the government will focus on promoting exports and winning overseas contracts in 12 sectors, including nuclear power, arms, overseas construction and agriculture.

He also noted the expansion of the K-content industry, with the global popularity of Korean pop culture and called on the relevant ministries to create high value-added products in connection with the fashion, tourism, food and IT industries.

In other sectors, he promised to expand tax credits for the manufacturing industry, increase investment in developing electric vehicle-related technology and boost financial assistance for the shipbuilding industry.

"I have said that in order to promote exports, I will run as the No. 1 salesman, but I will focus all diplomacy on the economy and exports, and run at the forefront," he said.


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