Ministry of Agriculture, Food and Rural Affairs to Provide Additional Funding for Raw Material Purchases and Consider Expanding Export Vouchers in Response to US Tariffs

The government has decided to consider additional support for raw material purchase funds, expansion of agricultural and food export vouchers, and export insurance to alleviate the burden on export companies caused by the mutual tariffs imposed by the United States.

The Ministry of Agriculture, Food and Rural Affairs announced that Minister Song Mi-ryeong met with major agricultural and food export companies and agribusinesses at the aT Center in Seoul on the 8th to discuss the direction of response to exports to the U.S. following the recent announcement of mutual tariff imposition by the U.S. administration.

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, is discussing the direction of export response to the United States with major agricultural food and agribusiness export companies on the 8th at the aT Center in Seoul, following the recent announcement of reciprocal tariff measures by the U.S. administration.

This meeting was organized to listen to the difficulties faced by our export companies on the ground due to the U.S. mutual tariff measures and to discuss government-level support plans. Sixteen companies and organizations, including Samyang Foods, CJ CheilJedang, Daesang, and Pulmuone, which export agricultural and food products to the U.S., attended the meeting.

First, the Ministry of Agriculture, Food and Rural Affairs decided to consider additional support for raw material purchase funds, expansion of agricultural and food export vouchers, and export insurance to ease the burden on export companies and strengthen risk response. They plan to enhance online and offline marketing such as promotional activities linked with distributors for market diversification, participation in local exhibitions, and entry into Korean food sections in online malls.

Minister Song said, "The reason K-Food Plus(+) achieved a record-high export of about $13 billion last year and about $3.2 billion in the first quarter of this year was entirely due to the efforts of export companies, related organizations, and the government working as one team," adding, "The public-private export one team will find solutions together with Korean export companies to overcome the waves of mutual tariffs and will spare no support needed by export companies."