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Amid turbulent financial time, Industry Ministry chooses to support exporters

Published: 02 Jan. 2025, 18:36

Containers stacked at a port in South Korea's southeastern city of Busan. [YONHAP]

Industry Minister Ahn Duk-geun said Thursday the government will proactively support exporters to maintain momentum in the country's outbound shipments amid uncertainties at home and abroad.

Ahn made the remarks during his visit to a port in Incheon, just west of Seoul, to inspect export logistics operations, according to the Ministry of Trade, Industry and Energy.

"Korea has demonstrated its strong economic fundamentals by achieving record export performance despite the challenging business environment," Ahn said during the visit.

Korea's exports rose 8.2 percent on year to a new annual high of $683.8 billion in 2024, surpassing the previous record of $683.6 billion set in 2022.

The country also saw its outbound shipments increase by 6.6 percent in December, marking the 15th consecutive month of year-on-year growth. Korea has posted a trade surplus for 19 consecutive months as well.

Ahn noted, however, uncertainties surrounding exports are likely to persist throughout 2025 due to the strong U.S. dollar and the launch of a new U.S. administration.

"Based on the strong alliance between Korea and the U.S., the government will work to strengthen bilateral ties by utilizing various communication channels," he said.

"The government will also pursue customized trade agreements with developing nations to ensure exports continue to play a leading role in Korea's economy this year," Ahn added.

The industry minister also instructed officials to ensure the smooth operation of export logistics, emphasizing the importance of proving the country's economic system is "functioning normally."

Yonhap