More South Korean men become stay-at-home dads
Number of surgeries halved as hospitals suffer from strike
N. Korean missile used against Ukraine contained US, European parts: CNN
Man takes 7-hour bike ride to rob pensioner in her home
Meta CEO to visit Seoul next week possibly on AI partnership
S. Korea to back exports amid signs of recovery: finance ministerBy Yonhap
Published : Aug. 9, 2023 - 09:40
South Korea's finance minister said Wednesday the country will spare no efforts to support exports amid signs they are recovering.
"Despite some volatility every month, exports are showing signs of improvement," Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers.
South Korea's exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for the second straight month.
Asia's No. 4 economy also logged a current account surplus for the second month in a row in June on the back of a trade surplus and increased dividend payments from overseas, the Bank of Korea's data showed earlier this week.
To further support exports, the government said it plans to lift regulations at bonded warehouses, allowing companies to assemble, repair and pack products to increase their value.
South Korea will also ease regulations for the construction of new bonded warehouses by local firms, it added.
"We need to stay vigilant, as there are still global economic uncertainties, including the delayed impact of China's reopening," the finance minister said.
Choo said it is also notable that the country is maintaining stable jobs data.
"Due to the harsh weather conditions and heavy rains, the number of those employed in the construction and agricultural sectors declined," Choo said. "But the job market is maintaining a stable trend as the unemployment rate also reached a record low." (Yonhap)
Key doctors’ group to hold mass protest on March 3
Yoon bets big on nuclear energy
Gender Ministry on course for disbandment