South Korea's finance ministry said Friday it has addressed 320 cases of export hurdles as part of its efforts to boost struggling outbound shipments.
The announcement came two months after South Korea officially launched what it calls a "one-stop" export support team under the Ministry of Economy and Finance to offer solutions to exporters' issues.
Issues related to logistics, customs, finance and marketing accounted for around 60 percent of the 402 cases of export-related difficulties filed with the support team, the ministry said. Among them, 82 cases remain unresolved.
Under the program, the government provides information on marketing, finance and logistics policies to exporters in cooperation with relevant organizations.
South Korea's exports, meanwhile, fell for the sixth consecutive month in March due to weak global demand for semiconductors, with the country suffering a trade deficit for 13 months in a row.
Finance Minister Choo Kyung-ho (C) speaks during a meeting on export issues in Seoul on April 21, 2023.
"While exports of some products, including automobiles and ships, are posting sound performances, exports in general have been declining due to the sluggish sales of IT products, including chips," Finance Minister Choo Kyung-ho said ahead of a meeting on export issues.
"As anticipated, the size of trade deficits is decreasing due to smaller energy imports after the winter season. But the deficit nevertheless has continued since October due to short-term issues, including trade with China, the top trading partner," Choo added.
The finance minister added that the government will continue focusing on providing solutions to difficulties faced by exporters.
The government will also revamp local policies to support exporters, including streamlining procedures for shipments of used cars, he added.
Source: Yonhap News Agency