South Korean exporters urge new government for trade policy shift amid US Tariff risks

Seoul [South Korea], July 14 (ANI): South Korean exporters want new government to go for a strategic shift in the trade policy amid U.S. tariff risks, reveals a survey as reported by the Korea Herald.

To maximize national interest and enhance industrial competitiveness, 20.7 per cent of 416 trade industry professionals surveyed on June 10-11 chose the implementation of a strategic trade policy.

According to a report released by the Korea International Trade Association (KITA), the most frequently specified task cited under strategic trade policy was an active response to tariff risks posed by the United States.

Jung Hee-chul, executive director of KITA's trade promotion division, said that, "The trade sector hopes the new administration will establish a stable trade environment, diversify technology-driven exports, and help SMEs shift toward export-led growth."

He further added that, "We look forward to bold export policies that can overcome US-led tariff risks and rising protectionism to upgrade Korea's export momentum."

The report by KITA further revealed that the level of uncertainty in global trade has intensified in recent years, primarily due to tariffs imposed by US President Donald Trump on key Korean exports such as steel and automobiles. This whole situation has led companies to ask for fairer export conditions to remain competitive globally.

Additionally, other priorities quoted include fostering AI-powered export industries (9.5 per cent), enhancing trade security enforcement (7.5 per cent), and improving logistics security through increased use of Korea-flagged vessels (7 per cent).

On the outlook side, about 43.3 per cent of respondents expect exports to decline by more than 5 per cent this year, while 38.9 per cent anticipate no major change and only 17.8 per cent foresee growth, reflecting a negative export outlook for 2025.

About 71.1 per cent of respondents said they believe an export recovery will not begin until next year or later. (ANI)

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