Jung In-kyo, Head of Trade Headquarters, "Diversifying Export Markets to Global South Regions"
"Swift Implementation of 'Pan-Government Emergency Export Measures'"
Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, stated on the 26th, "We will swiftly implement the 'Pan-Government Emergency Export Measures' announced last month to support our companies' tariff responses and promote export market diversification, focusing on the Global South region."
At the 'Export Regional Officers Meeting' held that day, Head Jung said, "Following the new U.S. administration's implementation of tariff measures on steel, aluminum, and derivatives, mutual tariff imposition is also scheduled for next month, increasing uncertainty in the trade environment."
The meeting focused on reviewing export conditions and risks by region. According to the Ministry of Trade, Industry and Energy, cumulative exports from January to February this year amounted to $101.6 billion, a 4.8% decrease compared to the same period last year. Exports to the United States increased in semiconductors ($1.52 billion) but decreased in automobiles ($4.99 billion) and general machinery ($2.11 billion), resulting in an overall 4.3% decline to $19.21 billion.
Exports to China increased in petrochemicals ($2.91 billion) and wireless communication devices ($1.2 billion), but due to a slump in semiconductors ($6.1 billion), they decreased by 8.0% to $18.7 billion. Exports to ASEAN rose by 5.3% to $18.19 billion, supported by increases in semiconductors ($5.23 billion) and petroleum products ($2.82 billion).
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Head Jung emphasized, "Through visits by the Minister and Vice Minister of the Ministry of Trade, Industry and Energy to the U.S., we actively explained our position on U.S. trade measures and will continue tariff and non-tariff consultations. We will closely monitor whether U.S. measures lead to the spread of protectionism and promote export market diversification."
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