Gov't unveils strategy to boost Korea's exports to $740 bil. in 2026

Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Wednesday. Yonhap

The government unveiled Wednesday a comprehensive strategy targeted at expanding Korea's exports to a record $740 billion this year through diversification of the country's key export items and markets, and stronger financial support measures.

The strategy, announced at the inaugural public-private joint export strategy meeting, incorporates a set of measures to foster overseas sales of eight prominent export items, including consumer goods, biohealth products, arms and nuclear power plants, and expands trade finance amid heightened global trade uncertainties.

Through such measures, the government aims to expand Seoul's exports to a fresh high of $740 billion this year from an all-time high of $709.7 billion recorded in 2025 on the back of the strong performance of the semiconductor sector.

The government said it will focus on nurturing eight sectors as major export industries as part of efforts to lessen the country's export dependence on semiconductors while working to diversify export destinations to emerging markets, such as the Middle East and Latin America.

The eight sectors are consumer goods, power equipment, biohealth, defense, nuclear power plants, automobiles, ships and steel.

For companies that produce and export consumer goods, the government plans to create a 300 billion-won ($209.7 million) fund to provide credit guarantees and low-interest loans for their outbound shipments while supporting their expansion into the Chinese and the Middle Eastern markets, where Korean products are gaining popularity.

For the power equipment sector, the government said it will work to strengthen cooperation with the United Arab Emirates, Saudi Arabia and other countries planning to make massive investments in creating artificial intelligence (AI) and other advanced infrastructure.

For the biohealth sector, it plans to launch a specialized fund to boost the production and development capabilities of domestic companies.

The government said it will use the country's summit diplomacy capabilities to support defense and nuclear power plant exports, pledging all-out efforts, in particular, to help Korean firms win their ongoing bid for Canada's submarine project and expand their foothold in the United States, where U.S. President Donald Trump is seeking to quadruple the country's nuclear energy capacity.

For the automobile, ship and steel industries, the government plans to bolster cooperation with major economies to respond to various trade barriers, including the European Union's steel safeguard plan, and explore additional export opportunities.

Industry Minister Kim Jung-kwan speaks during a meeting with business representatives at the headquarters of Korea Trade-Investment Promotion Agency in Seoul, Wednesday. Yeonhap

In terms of financial support, a record 275 trillion won of trade insurance will be provided this year, including 114 trillion won dedicated for small and medium-sized companies, the government said.

Separately, the government said it will inject a combined 187 trillion won in trade finance for small and medium-sized exporters and funnel another 127 trillion won into strategic industries, including defense, AI and energy, by 2030.

"Uncertainties surrounding our export environment are higher than ever, but the government will work to turn this crisis into an opportunity by proactively pushing for export diversification," Industry Minister Kim Jung-kwan said.