The Ministry of Trade, Industry and Energy announced on the 26th that it held a "Export Regional Director Meeting" chaired by Director Jeong In-kyu to review the regional export situation and risks. The ministry plans to continue discussions on tariffs and non-tariff barriers with the U.S. side while swiftly implementing an emergency export policy across departments.
According to the ministry, exports from the beginning of this year until last month have been at a sluggish level compared to the same period last year. Cumulative exports from January to February this year totaled 101.6 billion won, marking a 4.8% decrease compared to the same period last year. Exports to the U.S. decreased by 4.3% compared to last year, while exports to China fell by 8%. Exports to ASEAN increased by 5.3% compared to the same period last year, but exports to the European Union decreased by 10% during the same timeframe.
Director Jeong In-kyu noted, "The new U.S. government has implemented tariff measures on steel, aluminum, and derivatives since the 12th, and is expected to levy reciprocal tariffs next month, increasing uncertainty in the trade environment. I have sufficiently explained our position to the U.S. side, and we have agreed to continue discussions on tariffs and non-tariff matters.'
Director Jeong also stated, "I will closely examine whether the U.S. tariff measures lead to the spread of protectionism among major exporting countries." The government plans to rapidly implement the "Emergency Export Policy across Departments" announced last month, supporting corporations in their responses to tariffs and promoting diversification of export markets, focusing on the Global South.