S. Korea eyes to achieve record exports in 2024: industry minister

Industry Minister Ahn Duk-geun said Monday the government will achieve record exports this year so as to spur the overall growth momentum and recover the people’s livelihood.

Ahn made the remarks during a parliamentary audit into his ministry, vowing to actively make inroads into new markets and diversify its trade portfolio, according to the Ministry of Trade, Industry and Energy.

“We will achieve a record level of exports this year and leap to be a key player of global trade. The government will employ all policy means, such as implementing trade financing of 370 trillion won (US$274.7 billion) and supporting up to 10,000 exporters for trade exhibits and other things by the end of this year,” Ahn told lawmakers.

During the first eight months of this year, South Korea’s exports rose 9.9 percent on-year on the back of strong sales of semiconductors.

It logged a trade surplus of $3.03 trillion during the cited period, far larger than last year’s surplus of $1.03 trillion.

Ahn pointed to escalating tensions in the Middle East and the upcoming U.S. presidential election as major factors that cause uncertainties, and pledged thorough preparations.

“The government will lead efforts to secure advanced technologies in cutting-edge industries and to advance the overall structure of our industry,” Ahn said, stressing the focus on the chip, auto, shipbuilding, artificial intelligence and energy sectors.