Seoul: The government has unveiled a comprehensive strategy aimed at boosting South Korea's exports to a record $740 billion by 2026. This plan focuses on diversifying the country's key export items and markets, alongside enhancing financial support measures.
According to Yonhap News Agency, the strategy was announced at the inaugural public-private joint export strategy meeting. It includes measures to promote the overseas sales of eight prominent export items such as consumer goods, biohealth products, arms, and nuclear power plants. The plan also seeks to expand trade finance amidst global trade uncertainties.
The government's goal is to increase Seoul's exports from the all-time high of $709.7 billion recorded in 2025, driven by the semiconductor sector's strong performance. Efforts will be made to nurture eight major export industries and diversify export destinations to emerging markets like the Middle East and Latin America.
The eight target sectors include consumer goods, power equipment, biohealth, defense, nuclear power plants, automobiles, ships, and steel. For consumer goods, a 300 billion-won fund will be established to provide credit guarantees and low-interest loans, supporting the expansion into Chinese and Middle Eastern markets.
In the power equipment sector, the government plans to strengthen cooperation with countries like the United Arab Emirates and Saudi Arabia. For biohealth, a specialized fund will be launched to boost domestic companies' production and development capabilities.
The government is leveraging the country's summit diplomacy to support defense and nuclear power plant exports, with particular focus on helping South Korean firms bid for Canada's submarine project and expand in the U.S., where President Donald Trump seeks to increase nuclear energy capacity.
For the automobile, ship, and steel industries, the government intends to enhance cooperation with major economies to tackle various trade barriers, including the EU's steel safeguard plan, and explore new export opportunities.
In terms of financial support, a record 275 trillion won of trade insurance will be available this year, with 114 trillion won dedicated to small and medium-sized companies. Additionally, 187 trillion won will be injected into trade finance for small and medium-sized exporters, and 127 trillion won into strategic industries 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," stated Industry Minister Kim Jung-kwan.