Korea Dependent on Exports... Public-Private Relay Emergency Meeting Held

Starting from Day 5: Auto Parts and Secondary Batteries

At dawn, the sun rises over a large container ship waiting to load export cargo near Busan Port.
Busan ? Photo by Dongju Yoon doso7@

[Asia Economy Reporter Moon Chaeseok] Last year, South Korea recorded a trade deficit of about 60 trillion won in exports, and the Korea International Trade Association (KITA) announced on the 4th that it will hold a public-private relay emergency countermeasure meeting.

KITA stated that it will hold the first meeting the next day to find countermeasures for the automobile, automobile parts, and secondary battery industries. The meeting will discuss the impact of major countries' supply chain localization policies, such as those of the US and China, on Korean companies, as well as the effects of domestic investment expansion and subsidy policies.

The meeting will include KITA, the Ministry of Trade, Industry and Energy, 17 industry-specific associations, the Industrial Union Forum, and major export companies by industry. The format will involve the private sector diagnosing export difficulties and issues and proposing ways to enhance export competitiveness to the government.

A total of five meetings are planned, including the first one. The export status of not only traditional key items such as automobiles, shipbuilding, and steel but also promising industries like nuclear power, defense, and plants will be reviewed.

Jung Manki, Vice Chairman of KITA, said, "The association holds a heavy responsibility to resolve the trade deficit and export slowdown for the re-leap of the Korean economy," adding, "Through holding emergency countermeasure meetings by industry, we will review the export status of all industries and ensure that urgent corporate requests are reflected in policies."