Vice Minister Jang Young-jin: "Trade Balance to Turn Surplus by August or September at the Latest"

Jang Young-jin, the 1st Vice Minister of the Ministry of Trade, Industry and Energy, said on the 22nd regarding the trade balance, "It will turn to a monthly surplus in the second half of this year," adding, "The timing could be September or August."

Vice Minister Jang held a press briefing with reporters in Sejong City on the same day and stated, "In the second half of the year, I think we will ease the public's concerns regarding the trade balance." Although a trade deficit has been recorded for 15 consecutive months from March last year to the 20th of this month, he explained that the possibility of a 'lower in the first half and recovering in the second half' pattern is still valid.

[Image source=Yonhap News]

Vice Minister Jang said that the second half of this year will see a shift to a trade surplus driven by strong performance in items such as electric vehicles, automobiles, batteries, solar power, and defense. He said, "Our electric vehicles, batteries, and solar power sectors, especially centered on the U.S. market, are experiencing an all-time boom," adding, "The proportion of commercial vehicles among Hyundai Motor's sales in the U.S. is increasing, and we are responding well by utilizing related systems."

He also hinted at plans to expand exports and strengthen budgets for materials, parts, and equipment next year. Vice Minister Jang said, "Regarding next year's budget, the research and development (R&D) budget has already been submitted," and added, "In the energy sector, there are parts related to nuclear power plant exports. Looking at the industrial sector, the priority is exports first, followed by materials, parts, and equipment."

Regarding the spread of carbon-free energy, he emphasized, "We will take measures for 2050 'Net Zero (carbon neutrality)' by mobilizing all means." He said, "So far, RE100 has been an important means, but the ultimate goal is to reduce greenhouse gases," and added, "We will take measures for carbon neutrality by mobilizing all possible means, including nuclear power and clean hydrogen, in addition to renewable energy."

He also announced that advanced strategic industry specialized complexes for semiconductors, displays, batteries, and others will be announced as early as next month. Vice Minister Jang explained, "We are preparing the selection process for advanced industry specialized complexes and materials, parts, and equipment specialized complexes, and will announce them around July this year." This means developing aging industrial complexes to strengthen national strategic industries. He added, "We will modernize through zone adjustments and deregulation and make changes suitable for our industrial structure."