Jinju City Targets European Market to Minimize Export Losses from US Tariffs

Achieving 130 Export Consultations and
9.54 Million USD in Results in Europe

Jinju City in South Gyeongsang Province has launched an initiative to target the European market as a countermeasure to minimize export losses caused by the United States' reciprocal tariff measures.

On June 2, the city announced that, in cooperation with KOTRA (Korea Trade-Investment Promotion Agency), it dispatched a trade delegation comprised of 10 small and medium-sized enterprises to Vienna, Austria; Budapest, Hungary; and Sofia, Bulgaria. The delegation achieved a total of 130 consultations and export negotiation results amounting to 9.54 million USD.

This trade delegation was organized to explore emerging markets that could serve as alternatives to the US market, with a 6-night, 9-day itinerary starting from May 24. The delegation held export consultation sessions in each country and conducted one-on-one, customized business meetings with local buyers, resulting in tangible outcomes.

In particular, in the machinery parts sector, which is expected to be hit hard by the US reciprocal tariff measures, Company A attracted significant local attention by signing a memorandum of understanding (MOU) for a deal worth 1.5 million USD. Company B, with its high-quality and reasonably priced Jinju silk products, drew strong interest from buyers and signed a total of four MOUs valued at 33,000 USD. Cosmetics manufacturer Company C also leveraged the rising popularity of K-beauty in Eastern Europe to sign two MOUs totaling 30,000 USD, laying the groundwork for entry into the European market.

Group photo of Jinju City trade delegation visiting Europe as a breakthrough from the US customs crisis.

Austria, one of the destinations for this trade delegation, is a high-income country with a per capita GNI exceeding 50,000 USD, serving as a production and R&D hub for German global companies and home to numerous first-tier suppliers. Hungary, also an EU member state and a logistics hub in Central Europe, is experiencing rapid growth in advanced industries such as automotive, electronics, and biosciences. Bulgaria, with its manufacturing clusters, offers a market of suitable scale for small and medium-sized enterprises and is evaluated as a country that can provide new opportunities for companies from the Jinju region.

Regarding the dispatch of this delegation, Jinju City stated, "With export diversification becoming urgent due to the impact of US tariffs, Europe is a highly strategic market for small and medium-sized enterprises in Jinju to enter. Based on the results of these export consultations, we will provide close support, including linking with emergency overseas branch establishment projects, to ensure these efforts lead to actual exports."

The representative of Company A, who participated in the trade delegation, commented, "Thanks to the systematic support from Jinju City and KOTRA, we were able to meet buyers who are interested in our products directly. We will do our utmost to ensure that this memorandum of understanding leads to actual exports."

A Jinju City official emphasized, "We will continue to provide active support so that local small and medium-sized enterprises can maintain stable exports without being shaken by changes in the global trade environment."

Meanwhile, Jinju City plans to hold a 'Joint Briefing Session for Export Support Agencies Responding to US Reciprocal Tariffs' at 3:00 p.m. on June 9 at the Sangpyeon Innovation Support Center, together with relevant organizations such as the Western Gyeongnam Customs Office, the Small and Medium Business Corporation, and KOTRA. At this briefing session, each organization will provide guidance on changes in US tariff policy and response strategies, as well as introduce customized support programs for export companies.