Industry Ministry to inject $59.7B to boost exports

Minister of Trade, Industry and Energy Bang Moon-kyu speaks at a meeting for joint export expansion between public and private sectors on Wednesday. [YONHAP]

The Ministry of Trade, Industry and Energy said 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.

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 Korea Trade Insurance and the Export-Import Bank of Korea, according to the Industry Ministry on Wednesday.

"It is significant that 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 in 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.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]