South Korea's finance minister said Wednesday the country's second-half economic policy will primarily focus on revitalizing exports and investment, along with further stabilizing prices.

Finance Minister Choo Kyung-ho made the remark ahead of a closed-door meeting with economy-related ministers, as South Korea plans to announce the country's economic policy for the July-December period next week.

"Over the first half, inflation has clearly slowed, and the job market has remained strong," Choo said in an opening statement. "In terms of the economy, however, exports continued to fall amid the deteriorating external environment."

In May, South Korea's overall exports fell for the eighth consecutive month, plunging 15.2 percent on-year to $52.24 billion. The decline came as exports of semiconductors sank 36.2 percent on falling global demand.

Choo, however, reiterated that the overall economy will improve in the second half of 2023, despite the lingering uncertainties across the market.

"Among others, South Korea will focus on revitalizing the economy, including promoting exports and investment, along with fostering the domestic market and provincial economies," the finance minister said.

Choo said South Korea will also focus on "solidifying" the downward trend in inflation, while making efforts to ease the financial burden of vulnerable people.

Consumer prices, a key gauge of inflation, rose 3.3 percent in May from a year earlier, compared with a 3.7 percent on-year advance in April, according to a recent report from Statistics Korea. The latest figure marked the lowest level since the 3.2 percent growth tallied in October 2021.

The finance minister added other agendas will include reforming state pensions and lifting business regulations to improve the "economic health" of Asia's fourth-largest economy.

"South Korea will continue efforts to prepare for the future by addressing the low number of births, aging population, climate crisis and economic security," he said. (Yonhap)