KOTRA Promotes 'Export Plus' Project to Address Trade Deficit

Government to Focus on Export-Direct Projects by Market, Item, Method, and Entity in Second Half as Part of 'Export Competitiveness Enhancement Strategy'

Yoo Jung-yeol, President of KOTRA / Source=KOTRA

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) announced on the 4th that it will promote the 'Export Plus' project to respond to global economic uncertainties and the crisis of trade balance deficits.

KOTRA stated that despite recent export growth, imports have increased due to the sharp rise in prices of raw and subsidiary materials, forecasting a trade balance deficit for the first time in 14 years since 2008. It also added that concerns about export conditions in the second half of the year are growing due to economic recessions in major countries and regional conflicts.

Accordingly, the government will proceed with the Export Plus project as an extension of the 'Export Competitiveness Enhancement Strategy' announced last month. The project will focus on export-related activities by market, item, method, and entity in the second half of the year, aiming to arrange 50,000 export consultations between 20,000 export companies and 30,000 overseas buyer companies.

Specifically, the project will implement the '4 Major Export Plus Promotion Strategies': ▲(Market) Concentrated overseas marketing projects for 15 promising Export Plus countries ▲(Item) Strengthening support for promising export items according to global trend changes ▲(Method) Customized project methods according to quarantine conditions and urgent resolution of export difficulties ▲(Entity) Expansion of short-term performance-oriented projects tailored to export companies' capabilities.

In the market area, based on recent export performance, market opportunities, and regional headquarters' recommendations, 15 promising Export Plus countries such as Indonesia (ASEAN), Kazakhstan (Central Asia), and Saudi Arabia (Middle East) have been selected to focus overseas marketing projects. In the item area, promising export items are selected and support is strengthened by analyzing global trends in detail. In the method area, large-scale offline projects and non-face-to-face marketing are combined according to conditions, and support is enhanced by removing export obstacles through urgent resolution of difficulties. In the entity area, customized support projects for promising mid-sized companies by market and sector are carried out through tailored support for mid-sized companies.

Yoo Jeong-yeol, President of KOTRA, said, “In a situation where global risks and trade balance deficits are intensifying, we must not miss the golden time to proactively respond to the export crisis,” adding, “We will flexibly and swiftly promote the Export Plus project by supplementing new projects according to the ever-changing opportunity factors in overseas markets.”

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