The Ministry of SMEs and Startups said on the 15th that it will push a total 130 billion won export voucher support program to ease logistics costs for exporting small and midsize companies as uncertainty in the global trade environment grows amid the prolonged conflict in the Middle East and changes in U.S. tariff policy.
It assessed that support for small and midsize companies needs to be expanded as the burden of maritime logistics costs has surged, with the Shanghai Containerized Freight Index (SCFI) rising for seven straight weeks and Middle East route rates soaring to $4,167 per TEU.
The Ministry of SMEs and Startups (MSS) will first support about 2,300 corporations through general export vouchers worth 80 billion won. In particular, it will prioritize corporations experiencing export disruptions due to the Middle East conflict to support market diversification.
In addition, corporations in the petrochemical sector and strategic consumer goods such as K-beauty and K-fashion will receive extra points in the evaluation process. The support limit per corporation is up to 100 million won depending on export volume, and additional preferences will be applied to corporations diversifying export destinations, high-growth corporations, and corporations utilizing tech services.
To ease logistics costs, a separate 50 billion won logistics-only voucher will also be injected. The eligible pool has been expanded from corporations centered on Middle East routes to all small and midsize corporations with records of using international transport.
The support items have also been expanded to include not only ocean and air freight rates and insurance premiums but also the cost of shipping free samples at buyers' request, fulfillment service expense, overseas warehouse rent, and pre-shipment inspection fees. Corporations already selected for the export voucher program can additionally apply for the logistics-only voucher.
The Ministry of SMEs and Startups (MSS) will also streamline the selection process to speed up support. It will introduce a "fast track" centered on document review, skipping on-site evaluations, to shorten the selection period from more than three months to within one month. After voucher use, the settlement process will also be reduced from four steps to three.
Applications will be accepted from the 17th via the export voucher website.
Lee Soon-bae, director general for Global Growth Policy at the Ministry of SMEs and Startups (MSS), said, "This program will go beyond simple expense support to serve as an export safety net that protects corporations from global risks," adding, "We will actively support maintaining the export momentum of small and midsize corporations even amid an uncertain external environment."