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Seoul to support 'new engines' to stimulate outbound shipments

According to Yonhap News,

(SEOUL=Yonhap News) South Korea will ramp up supports to nurture promising "new export engines" to bolster the country's outbound shipments amid uncertainties triggered by the ongoing trade dispute between the United States and China, the commerce ministry said Wednesday.

Under the plans, trade financing and overseas marketing support will be provided to companies engaged in such businesses as rechargeable batteries, bio-health, cosmetics, food and farm produce, electric vehicles (EVs) and organic light-emitting diodes, according to the Ministry of Trade, Industry and Energy.

Rechargeable batteries, bio-health and EVs grew 8.4 percent on-year in the January-April period to US$19.9 billion, with cosmetics and farm products also expanding sharply, the ministry said.

Asia's fourth-largest economy has been suffering a decline in exports, one of the country's growth pillars, in the face of weak demand for key products such as semiconductors and ships.

The country's exports dropped 8.4 percent in the first quarter of 2019 to $137.5 billion, with exports for April also falling 2 percent from a year earlier to $48.8 billion, marking the fifth month in a row that exports have backtracked.

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Source: Yonhap News (May 29, 2019)

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