'Israel's Airstrikes on Iran' Increase Middle East Uncertainty... Ministry of Trade Considers Deploying Temporary Vessels

As geopolitical uncertainty in the Middle East has increased due to incidents such as Israel's airstrikes on Iran, the government has decided to respond to export logistics disruptions by deploying temporary vessels and other measures.

The Ministry of Trade, Industry and Energy announced on June 13 that it held an emergency export countermeasures meeting to assess the impact on export and import logistics and to discuss future response measures.

According to the Ministry, the assessment found that Israel is rapidly changing its situation by suspending port operations and closing airspace in response to missile and drone attacks from Iran. In light of the heightened uncertainty caused by Israel's airstrikes on Iran, the Ministry stated that it will continue to closely monitor export and import trends and implement necessary support measures to minimize the impact on exports without delay.

To this end, the government plans to steadily implement existing support measures under a close response system with relevant agencies such as the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea International Trade Association. These measures include liquidity support for companies affected by export disruptions in the Middle East, providing shipping space exclusively for small and medium-sized enterprises, and expanding joint logistics centers. Furthermore, the government will consider additional support measures, such as deploying temporary vessels, in preparation for potential logistics bottlenecks.

Seo Garam, Director-General for Trade Policy at the Ministry of Trade, Industry and Energy, stated, "Although exports to the Middle East accounted for only 2.9% of Korea's total exports in 2024, the ripple effects on Korean exports are significant due to rising oil prices and logistics costs. We will do our utmost to resolve difficulties faced by export companies by closely monitoring the situation and minimizing negative impacts on exports and maritime logistics through an organic cooperation system with related ministries and agencies."