Trade Insurance Support Limit Raised from 230 Trillion to 260 Trillion Won... Export Companies' Competitiveness Up↑

Sung Yun-mo, Minister of Trade, Industry and Energy, is speaking about the Japanese government's semiconductor export regulations at the export status inspection meeting held on the 1st at the Korea Trade Insurance Corporation's main conference room in Jongno-gu, Seoul. Photo by Moon Ho-nam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] The trade insurance support limit will be expanded from the current 230 trillion won to 260 trillion won. This increase in the limit is aimed at strengthening export competitiveness and is the first in seven years since 2015.

The Ministry of Trade, Industry and Energy announced on the 7th that the adjustment plan for this year's trade insurance contract limit and the contract limit plan for next year were approved at the Cabinet meeting.

This measure was prepared to support the strengthening of competitiveness of export companies by expanding trade insurance supply amid export crisis situations such as a slowdown in export growth due to the global economic downturn and an increase in trade deficits caused by high energy prices.

Along with raising the trade insurance contract limit, the Ministry plans to increase the export credit guarantee limit for small and medium-sized enterprises (SMEs) and mid-sized companies facing financial difficulties to expand financial support, and also plans to expand the items and limits covered by import insurance.

Additionally, to enable long-term stable fund management, the trade insurance guarantee period will be extended from 1 year to up to 3 years, and export growth financing for beginner export companies will be supplied with 50 billion won by the end of the year.

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