Gov’t launches $88 million export voucher program to support small businesses

The Ministry of SMEs and Startups announced plans to launch a 130 billion won ($88 million) export voucher program aimed at easing the burden on small and medium-sized enterprises (SME) facing pressures on export costs during a time of rising global trade uncertainties.

The initiative comes as prolonged conflict in the Middle East and shifting U.S. tariff policies weigh on global trade conditions. It also follows a sharp increase in logistics costs, with the Shanghai Containerized Freight Index reaching 1,890.77 points, marking seven consecutive weeks of gains.

Freight rates on Middle East routes have surged to a record $4,167 per twenty-foot equivalent unit.

Of the total funding, 80 billion won will be allocated to general export vouchers, benefiting approximately 2,300 companies. Firms affected by disruptions in Middle East exports will be given priority.

Additional evaluation points will be awarded to companies in petrochemicals, which have been hit by rising oil prices, as well as those in globally competitive sectors such as the beauty and fashion industry.

Eligible firms can receive up to 100 million won each, depending on export performance. Additional incentives will be provided to companies diversifying export markets, demonstrating high export growth or utilizing tech-based services.

The remaining 50 billion won will fund logistics-specific vouchers designed to offset shipping-related expenses. The program has been expanded beyond Middle East-focused firms to include all SMEs with international shipping records, broadening access and reducing policy blind spots.

Covered expenses now include not only ocean and air freight and insurance, but also costs such as shipping free samples requested by buyers, fulfillment services, overseas warehouse rentals and pre-shipment inspection fees.

The ministry also introduced measures to accelerate the application and selection process.

A fast-track system will replace on-site evaluations with document-based reviews, reducing the selection period from over three months to within one month. Administrative procedures for reimbursement will also be simplified from four steps to three.

Applications will open April 17 via the official export voucher website, with inquiries handled through a dedicated call center.

“Beyond simple financial assistance, this program will serve as an export safety net protecting companies from global risks,” a ministry official said.

The official added that the ministry will continue to expand support coverage and improve response speed to help SMEs sustain export momentum amid external uncertainties.

This article was published with the assistance of generative AI and edited by The Korea Times.