Government Responds to 'Tariff War'... 61.1 Billion KRW Export Voucher Support

Export Voucher Support to Increase by 9% This Year
Number of Supported Companies to Expand to Around 1,300

President Donald Trump signed a proclamation imposing a 25% tariff without exceptions on steel and aluminum products imported into the United States, and stated that tariffs on automobiles and semiconductors are also under consideration. On the 13th, export vehicles were waiting to be loaded at Pyeongtaek Port, Gyeonggi Province. 2025.2.13. Photo by Kang Jin-hyung

Amid rapidly changing global trade conditions such as increased tariffs following the inauguration of the new U.S. administration, the Korean government has decided to expand export voucher support to strengthen the response capabilities of small and medium-sized enterprises (SMEs) and mid-sized companies.

The Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) held the "2025 Export Voucher Plaza" at COEX in Seoul on the 13th, providing customized support to enhance companies' export competitiveness.

This year's event invited U.S. customs officials to deliver lectures and on-site consultations under the theme "Trends in U.S. Customs Policy and Precautions for Korean Companies," offering practical information to help Korean companies effectively respond to the changing U.S. trade policies.

The government plans to increase the export voucher support budget by 9% from the previous year to 61.1 billion KRW and expand the number of supported companies from about 1,100 last year to around 1,300. In the first round this year, 700 companies were selected, and starting in April, a "Customs Voucher" will be introduced, allowing export companies to receive package support from local partners for damage analysis, response strategies, and alternative market exploration.

The "Industrial Global Competency Enhancement Voucher" program is also showing positive results. Launched in 2017, this policy supports SMEs and mid-sized companies by allowing them to freely use over 7,200 services across 14 major areas needed in the export process within the voucher limits.

Participating companies have achieved positive outcomes in export diversification, pioneering an average of more than four new export markets. In fact, the number of new export countries entered by companies participating in the export voucher program has shown an increasing trend over the past three years: from 3.1 countries in 2022 to 3.8 countries in 2023, and 4.4 countries last year.

Minister of Trade, Industry and Energy An Deok-geun stated, "If SMEs and mid-sized companies actively pioneer global markets and diversify export items and markets, they can overcome external uncertainties," adding, "I hope voucher participating companies and executing agencies will cooperate with a strong sense of mission."

KOTRA President Kang Kyung-sung also said, "We will prepare various services to ensure substantial support from early-stage export companies to growth companies."

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