Bang Gi-seon, Deputy Minister of Economy and Finance, "Exports Uncertain, Current Account Volatility to Remain High for the Time Being"

The 13th Emergency Economic Vice Ministerial Meeting Held... "Direct Import of Eggs if Supply Instability Occurs Due to AI"

[Asia Economy Sejong=Reporter Kwon Haeyoung] Bang Giseon, the 1st Vice Minister of Strategy and Finance, said on the 9th, "There are considerable uncertainties in exports, and high monthly volatility in the current account balance is expected for the time being."

Vice Minister Bang made this remark on the morning of the 9th at the Export-Import Bank of Korea during the '13th Emergency Economic Vice Ministers' Meeting.'

He stated, "As the structure of the current account has advanced, the improvement in income balance has offset the deterioration in the goods balance, and a current account surplus has continued for two consecutive months, albeit slightly. However, while a decline in imports is expected due to the fall in international oil prices, there are also significant export uncertainties such as global economic slowdown and domestic logistics disruptions, so high monthly volatility in the current account balance is expected for the time being."

According to the 'October International Balance of Payments (provisional)' announced by the Bank of Korea on the same day, the domestic current account recorded a surplus of 880 million dollars. However, compared to the same month last year, the surplus decreased sharply by 7.13 billion dollars.

Vice Minister Bang said, "The government will diversify the export structure and continue efforts to save energy," adding, "We will also actively support the smooth repatriation of overseas investment income to ensure continuous improvement in the income balance."

He particularly emphasized energy saving to improve the current account balance. Vice Minister Bang said, "A total of 1,019 central, local governments, and public institutions are implementing five major action guidelines, such as limiting the average indoor temperature to 17 degrees," and "We ask the public to maintain indoor temperatures between 18 and 20 degrees and use public transportation."

Regarding the outbreak of avian influenza (AI), Vice Minister Bang said, "So far, the impact on egg supply due to AI is limited," and emphasized, "To proactively prepare for egg supply instability, an allocation tariff is being applied to 17,000 tons of chicks and eggs, and all available measures will be mobilized, including direct import supply through the Korea Agro-Fisheries & Food Trade Corporation (aT) in case of supply instability." He also announced plans to crack down on egg hoarding.

Vice Minister Bang also said about the '2023 Economic Policy Direction' to be announced this month, "It will include various policy tasks to overcome the immediate crisis and achieve a new leap forward for our economy." This economic policy direction will also include the 'ESG Infrastructure Advancement Plan,' which specifies measures to expand environmental, social, and governance (ESG) infrastructure.