KOTRA CEO Yu Jeoung-yeol talks during a press conference held in Jongno-gu, Seoul, on Tuesday. (KOTRA)
The CEO of the state-run trade promotion agency KOTRA on Tuesday vowed the agency would try its best to reach South Korea’s export target of $685 billion this year.
“We will strive to provide support to Korean firms, even if it results in just one additional dollar of exports," Yu Jeoung-yeol said during a press conference held in Jongno-gu, Seoul, on Tuesday.
Yu’s announcement came after the Ministry of Trade, Industry and Energy said last week that it held a meeting in Seoul with related government agencies to find ways to deal with the continuing trade slump.
Amid a global economic slowdown and weak demand, the country witnessed its exports fall for the sixth consecutive month in March.
Outbound shipments recorded $55.1 billion in March, down 13.6 percent on-year. Imports declined by 6.4 percent on-year to $59.7 billion, resulting in a monthly trade deficit of $4.62 billion.
Yu highlighted that 70 percent of KOTRA’s overseas marketing budget will be implemented in the first half of the year.
“Last year, it was difficult for us to do offline promotions. So starting from January, the budget for promising export sectors has been executed early on, with a major focus on offline exhibitions and events,” Yu said.
As part of this effort, KOTRA also is hosting a trade showcase on Wednesday and Thursday at Coex in Seoul. The agency invited 400 overseas buyers, the largest number since the outbreak of COVID-19, for the event.
During the conference, Yu also pinpointed four regions -- Middle East, Indonesia, Mexico and India -- as potential focus areas for Korean firms this year.
"Promising regions for exports include the Middle East, where infrastructure investment in countries such as Saudi Arabia is expected to boost export growth," Yu said.
"Indonesia is also seen as a country with opportunity as it plans to relocate the capital city. Hyundai Motor has recently completed construction of a car factory in Indonesia as well, which will facilitate auto parts exports.”
India, with an economic growth rate of 5-6 percent, is also a promising market, he added.
Yu also was optimistic about the trade prospects between South Korea and Japan this year.
“I visited Japan last week and saw many business opportunities that both countries could be interested in,” Yu said.
“In fields like digital transformation and carbon neutrality, both countries can work together.”
The KOTRA CEO also noted that there is demand for Korean cosmetics products in Japan as well.
Separately, Yu also mentioned that KOTRA will continue to support the government's efforts for its 2030 Busan Expo bid.
“We also plan to dispatch economic delegations to major countries during the first half of this year for promotional purposes,” Yu said.
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