Emergency Meeting at KOTRA to Save South Korea's Exports Amid Worst Monthly Deficit of $12.7 Billion

Held at Yeomgok-dong Headquarters from 1st to 3rd

[Asia Economy Reporter Moon Chaeseok] KOTRA announced on the 2nd that it will hold the '2023 Online Emergency Export Expansion Strategy Meeting' at its headquarters in Yeomgok-dong, Seocho-gu, Seoul. This is because Korea's trade deficit last month recorded the worst monthly figure ever at $12.69 billion (approximately 15.454 trillion KRW).

KOTRA will hold emergency response meetings over three days from the 1st to the 3rd with 128 overseas trade offices in 83 countries worldwide. On the first day, it held online meetings with KOTRA regional headquarters in China, Japan, Southeast Asia, and Southwest Asia. On the second day, it discussed export expansion plans with regional headquarters in North America, Central and South America, the Middle East, and Africa. The last day is scheduled for the Europe and CIS regional headquarters.

Yoo Jung-yeol, President of KOTRA, presiding over the 2023 Online Emergency Export Expansion Strategy Meeting on the 1st.
[Photo by KOTRA]

Specifically, they will closely analyze each regional market situation and demand changes to find ways for Korean companies to export even one more dollar. They will mobilize all means, including not only planned projects such as participation support for international exhibitions and consultation meetings but also resolving corporate difficulties, logistics support, and digital methods.

The government is holding 'Export Strategy Meetings' chaired by the President and 'Export Support Councils' involving multiple ministries and agencies. KOTRA plans to lead public-private export improvement efforts by leveraging its global overseas trade office network as a strength.

Yoo Jung-yeol, President of KOTRA, said, "We will actively engage in public-private cooperation by leveraging our overseas trade offices spread worldwide," adding, "We will discover new market opportunities and export-direct projects."