Chungnam Province Ramps Up Efforts to Pioneer Emerging Markets in Response to Tariff Impact

Published 29 Apr.2025 09:22(KST)

Updated 29 Jul.2025 13:26(KST)

Full-Scale Expansion into Overseas Markets Including Indonesia, Thailand, and China

Photo of Governor Kim Taeheum and the Chungnam Market Development Team visiting Hungary. Courtesy of Chungnam Province

Chungnam Province announced on the 28th that it will actively pursue entry into emerging markets such as Indonesia, Thailand, China, and Australia in order to proactively respond to trade risks, including a decline in exports caused by U.S. tariffs.

According to the province, an analysis of this year’s export performance data from the Korea Customs Service shows that, as of April, Korea’s total exports decreased by 5.2% compared to the same month last year, while exports to the United States plunged by 14.3%.

In response, the province has decided to strengthen support for overseas expansion by local export companies, including the organization of market development teams for emerging markets and participation in overseas exhibitions, in order to minimize corporate losses through export market diversification.

To this end, on the 27th of next month, a market development team consisting of 25 companies will be dispatched to the Sheraton Hotel in Jakarta, Indonesia, and on the same day, the province will support 20 local food-related companies in participating in THAIFEX, Asia’s largest food and beverage expo, held in Bangkok, Thailand.

In addition, from May 17 to 21, the province will participate in the Harbin International Economic and Trade Fair in China together with 10 local companies, and on May 31, will form a market development team with 25 companies to participate in the Sydney, Australia market development initiative. These efforts are part of tailored export support targeting various regions.

Alongside these efforts, the province will provide year-round support for participation in more than 60 overseas exhibitions directly selected by local companies. A total of 66 companies will also take part in market development activities at events such as the Munich High-End Audio Show and the Osaka Beauty Expo.

A provincial official stated, "We will continue to work with related organizations such as KOTRA and the Chungnam Economic Promotion Agency to review whether there are any difficulties in export consultations and contracts that have been carried out so far, and will make ongoing efforts to ensure more follow-up contracts are signed."