6th Emergency Export Measures Meeting Held
Promotion of Support Measures Including Alternative Logistics Ship Discovery and Liquidity for Affected Companies
On the 1st (local time), the Ministry of Trade, Industry and Energy held an emergency export emergency response team meeting on the 2nd in response to concerns about disruptions in export logistics to the North American region due to the strike by the US East Coast port union that began on the same day, to check the impact on exports and discuss future countermeasures.
As a result of the meeting's inspection, it was confirmed that, so far, the shipment and delivery of export goods to the North American region are proceeding normally, and there have been no unusual trends caused by the strike. In addition, the establishment of local factories and production activities of Korean companies operating in the North American region, such as battery and automobile manufacturers, are assessed to have a limited impact based on sufficient inventory capacity. In particular, Korean export companies exporting to the US East Coast have been preparing for the possibility of this strike by advancing early shipment of some export goods destined for the East Coast and switching shipping routes (East Coast → West Coast).
The government decided to proactively prepare and swiftly implement emergency support measures for export companies to minimize the negative impact on exports in case the strike prolongs. First, the government will promptly expand support for KOTRA overseas joint logistics centers located at alternative ports such as the US West Coast and Mexico, connect with local alternative logistics companies, expand dedicated shipping space for small and medium-sized enterprises on the US West Coast route if necessary, and provide liquidity support to affected companies due to delayed payment settlements.
Kim Dae-ja, Director of Trade and Investment at the Ministry of Trade, Industry and Energy, who presided over the export emergency response team meeting, said, "Since the progression of the US East Coast port union strike is unpredictable, we will conduct more meticulous monitoring. As our exports are currently sailing toward the highest-ever export performance, achieving the best record as of September, we plan to make every effort to resolve difficulties faced by export companies to minimize the negative impact caused by this situation."
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