New industry minister pledges policy support to achieve 2024 export target

New industry minister said Friday he will deliver a range of policy support to help Korea achieve this year's export target of $700 billion.

"As the minister overseeing exports, I am committed to acting as a catalyst in achieving the goal of annual exports of $700 billion, with exports becoming the driving force of economic growth," Industry Minister Ahn Duk-geun said at a port in Pyeongtaek, 54 kilometers south of Seoul.

The visit to the port, which handles around a third of Korea's automobile exports, was his first official schedule since taking the post the previous day.

"Last year, Korea's exports of automobiles reached a new record of $70.9 billion despite the U.S. Inflation Reduction Act, leading the country's overall outbound shipments," Ahn said.

"This year, we will continue to make efforts to maintain the record-high automobile exports on the back of the demand for eco-friendly cars from North America and Europe," he added.

To maintain the export momentum, the new minister said his office will continue making efforts to bolster related support in a wide array of areas, including marketing, finance and certification.

Korea's exports stood at $632.6 billion last year, down 7.4 percent from a year earlier amid global economic uncertainties.

For December 2023, however, monthly exports advanced 5.1 percent on-year to $57.6 billion, rising for the third consecutive month. (Yonhap)