A cosmetics store in central Seoul on Sunday. (Yonhap)
A cosmetics store in central Seoul on Sunday. (Yonhap)

South Korea aims to annually export $70 billion worth of consumer goods by 2030 on the back of the soaring global popularity of Korean culture, the industry ministry said Wednesday, vowing efforts to foster the growth of premium consumer goods.

The export target was unveiled at a meeting of economy-related ministers to discuss ways to diversify Korea's exports, which currently depend heavily on a limited number of products, such as semiconductors and automobiles, according to the Ministry of Trade, Industry and Resources. Last year, Korea exported $42.7 billion worth of consumer goods.

The government said it will foster Korean consumer goods, including foodstuffs and beauty products, as a new growth engine for exports in line with the growing power of Korean culture.

To this end, the government will help domestically renowned consumer goods companies enhance their competitiveness and expand their global presence.

It will also devise measures to support the companies' research and development, manufacturing, design and logistics, while expanding financial support, such as trade insurance and loan programs. (Yonhap)