Kim Yong-beom, Vice Minister, "Sharp Decline in Exports Raises Concerns Over Increased Burden on Our Companies"

Kim Yong-beom, Vice Minister of Strategy and Finance, is delivering opening remarks while presiding over the 'Innovation Growth Strategy Review Meeting and Policy Review Meeting' held on the 1st at the Government Seoul Office in Gwanghwamun, Seoul.

[Asia Economy Reporter Lee Kwang-ho] Kim Yong-beom, the 1st Vice Minister of the Ministry of Economy and Finance, said on the 1st, "The sharp decline in exports may further increase the burden on our companies struggling due to the novel coronavirus infection (COVID-19)."

On the same day, Vice Minister Kim chaired the 8th Innovation Growth Strategy Review Meeting and Policy Review Meeting held at the Government Seoul Office and stated, "Exports, which performed relatively well in March (-0.7%), sharply decreased in April (-24.3%) due to the global demand contraction and production disruptions caused by the spread of COVID-19."

Vice Minister Kim evaluated, "The trade balance recorded a deficit (-900 million dollars) for the first time in 99 months since January 2012, but this paradoxical result appeared due to some positive factors and is not necessarily negative."

He added, "The government will closely monitor export and import trends centered on the Industry and Enterprise Crisis Response Team within the Central Economic Countermeasures Headquarters."

He also said, "It is clear that we urgently need to find a breakthrough in this global crisis situation," and added, "Just as the New Deal policy presented a new path for economic and social reconstruction during the Great Depression when the world economy was paralyzed, we will strive to create a leading path for economic normalization and new growth engines in the post-COVID era through the Korean New Deal policy and others."

At the meeting, the following were discussed: ▲ Trends and reviews of the real economies of major countries ▲ Application and payment plans for emergency disaster relief funds ▲ Status of policy responses and promotion by major sectors related to COVID-19.

This content was produced with the assistance of AI translation services.