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S. Korea to inject 78 tln won in trade financing to boost exports

Nov. 8, 2023 - 11:27 By Yonhap
Industry Minister Bang Moon-kyu (3rd from left) speaks during a meeting with executives from businesses, including Samsung, LG, Hyundai and Lotte, on the upcoming Korea Sale Festa 2023 at the Federation of Korean Industries in Seoul on Tuesday. The annual festival is scheduled to run from Nov. 11-30 nationwide, offering the largest-ever discounts this year. (Yonhap)

South Korea's industry ministry said Wednesday it plans to inject 78 trillion won ($59.7 billion) by the end of this year in trade financing to keep outbound shipments on the recovery track.

South Korea's exports moved up on-year for the first time in 13 months in October, driven by robust automobile shipments, along with signs of improvement in the chip sector.

The fund will be raised by state-run institutions, including the Korea Trade Insurance Corp. and Export-Import Bank of Korea, according to the Ministry of Trade, Industry and Energy.

"It is significant that South Korea has posted growth in exports along with a trade surplus, as it has built grounds for the economy's growth in the second half," Industry Minister Bang Moon-kyu said during a meeting with business officials.

In addition to trade financing, the government plans to provide a 50 percent discount on export insurance for small and medium-sized companies through the first half of 2023. (Yonhap)