The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
  • Hangzhou Asian Games
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    N. Korea holds politburo meeting to discuss Kim-Putin summit: KCNA

  • 3

    30 people purchased 8,000 homes: data

  • 5

    BTS member Suga begins mandatory military service

  • 7

    Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors

  • 9

    National Assembly passes motion to arrest DPK chief

  • 11

    Gender equality minister nominee in hot seat over remarks on abortion

  • 13

    S. Korea condemns Russia, seeks to mend ties with China

  • 15

    Honey-dipped cookie to represent 'K-desserts' at global food expo in Germany

  • 17

    Aespa's VR concert to hit theaters Oct. 25

  • 19

    KG Mobility seeks breakthrough in Europe

  • 2

    Scientists find green way to turn CO2 into fuel with sunlight

  • 4

    BTS defies K-pop's 'seven-year curse'

  • 6

    BLACKPINK's contract renewal still in limbo

  • 8

    Rights experts from 17 countries demand release of North Korean escapees in China

  • 10

    Seoul invites ambassadors to introduce new halal foods in Korea

  • 12

    Yoon says arms deal between N. Korea, Russia would be 'direct provocation' against S. Korea

  • 14

    US striving to stop NK's potential weapons support to Russia 'wherever we can': Blinken

  • 16

    Top court upholds life sentence for woman over drowning husband for insurance money

  • 18

    COVID-19 deaths hit record high in Korea for 2022

  • 20

    From friend to foe: NK athletes of 2018 joint Korean teams return as rivals to S. Korea

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
Sat, September 23, 2023 | 16:28
Companies
Korea to reduce dependence on China for exports, eyes Middle East, America and EU
Posted : 2022-11-23 16:24
Updated : 2022-11-24 14:13
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

President Yoon Suk-yeol, center, speaks during a meeting attended by nine government ministries at Korea Trade-Investment Promotion Agency (KOTRA), in Seoul, Wednesday. Yonhap
President Yoon Suk-yeol, center, speaks during a meeting attended by nine government ministries at Korea Trade-Investment Promotion Agency (KOTRA), in Seoul, Wednesday. Yonhap

Export strategies to fortify deteriorating trade balance

By Lee Kyung-min

The government will mobilize utmost efforts to fine-tune export strategies, under a broader goal of fortifying Korea's trade balance which is showing signs of a greater-than-expected deficit, according to nine economy-related ministries, Wednesday.

Chief among the objectives is strengthening the overseas expansion of 15 growth-driving local manufacturing industries, including a close and continued follow-up of the 26 memorandums of understanding (MOUs) signed between Korea and Saudi Arabia. The Middle Eastern country signed investment deals with Korean businesses amounting to about 40 trillion won ($29 billion), as reaffirmed by the country's prime minister and Crown Prince Mohammed bin Salman during his visit to Korea last week. Infrastructure minister Won Hee-ryong said Monday that trillions of won in joint business projects will be announced before the year's end.

Tailored strategies will bolster the country's exports to key trade partners ― the U.S., China and the Association of Southeast Asian Nations (ASEAN), a political and economic union of 11 member states in Southeast Asia. Combined exports to those regions account for 57 percent of Korea's total outbound shipments.

Countries in the Middle East, Central and South America as well as Europe do not generate as much export income for Korea. However, the regions in need of high-tech and cost-efficient defense, energy and infrastructure building projects are of an even greater strategic importance to Korea, the ministries said.

Korea Customs Service data showed the country's exports in the first 20 days of November stood at $33.1 billion, a 16.7 percent year-on-year decrease, pushing up the year-to-date trade deficit to $39.96 billion as of Nov. 20. The sustained grim developments in the country's trade balance brought on by supply bottlenecks and surging energy prices will end up as a record-high trade deficit of $40 billion this year, the greatest since the trade deficit of $20.6 billion in 1996 shortly before the Asian financial crisis.

Tailored approach

"Korea is best known for its heavy reliance on exports," President Yoon Suk-yeol said during a meeting attended by nine economy-related ministers. "The government will provide all possible assistance to advance the efforts of the country's exporters."

Korea will diversify trade partners in the ASEAN region, away from consumer goods-centered Vietnamese markets to include Indonesia and Thailand.

A greater number of local firms will be able to seek growth opportunities in the U.S., mostly through large-scale green and supply chain projects.

The government will outline policy responses to help local firms better prepare against rapid and unexpected developments in trade conditions, as illustrated by the U.S. Inflation Reduction Act (IRA) and China' export curbs on Korean-made parts and materials for semiconductor manufacturing.

Korea will maintain close communication with Saudi trade and investment authorities to produce tangible results from the recent business forum in Korea.

The success will, the government says, help a far greater number of oil-rich nations move from fossil-fuel economies towards high-tech, sustainable smart nation building.

Free trade agreements will be expanded in Central and South America, pursued under a broader drive of supply chain stabilization with the help of major resource-rich countries including Chile and Brazil.

The government will elevate ongoing nuclear power plant construction projects in Poland to become a stepping stone to the European market by promoting Korea's advanced energy capabilities.

Cooperation efforts will be expanded to include the sectors of defense, weapons manufacturing and procurement as well as aerospace research.


Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter
 
miguel
Top 10 Stories
1Scientists find green way to turn CO2 into fuel with sunlightScientists find green way to turn CO2 into fuel with sunlight
2Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors Kim Jong-un's rejection of Russia's food assistance irritates North Korean defectors
3Opposition party in turmoil as leader could be arrested on Tuesday Opposition party in turmoil as leader could be arrested on Tuesday
4Korea boosts subsidies to rev up falling EV sales Korea boosts subsidies to rev up falling EV sales
5Russia lodges protest to S.Korean envoy over Yoon's UN speech Russia lodges protest to S.Korean envoy over Yoon's UN speech
6Foreign employees rewarded for contribution to Korea's shipbuilding industry Foreign employees rewarded for contribution to Korea's shipbuilding industry
7Lawmakers want to grill business tycoons over decision to rejoin FKI Lawmakers want to grill business tycoons over decision to rejoin FKI
8Gov't reviews changing description of Fukushima wastewater Gov't reviews changing description of Fukushima wastewater
9Saudi Arabia celebrates 93rd National DaySaudi Arabia celebrates 93rd National Day
10'Songpyeon' for low-income families 'Songpyeon' for low-income families
Top 5 Entertainment News
1BLACKPINK's contract renewal still in limbo BLACKPINK's contract renewal still in limbo
2[INTERVIEW] Virtual K-pop group MAVE: is more than just pretty pixels INTERVIEWVirtual K-pop group MAVE: is more than just pretty pixels
3Hebrew University students travel to Korea to explore musical landscape Hebrew University students travel to Korea to explore musical landscape
4[INTERVIEW] 'Cobweb' director questions meaning of cinema INTERVIEW'Cobweb' director questions meaning of cinema
5[INTERVIEW] Seoul's increased art market momentum brings Sotheby's back to Korea INTERVIEWSeoul's increased art market momentum brings Sotheby's back to Korea
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group