Containers are stacked at a port in Pyeongtaek, Gyeonggi Province, Feb. 25. Yonhap
The government will provide comprehensive support for small and medium-sized enterprises (SMEs) facing difficulties in exports amid continuing turmoil in the Middle East, the industry ministry said Wednesday.
The Ministry of Trade, Industry and Resources said it will immediately address export-related difficulties of SMEs shipping to the Middle East and expand liquidity support to minimize disruptions in Korea's exports.
Although outbound shipments to the Middle East account for only around 3 percent of Korea's totally exports, the government will help Korean firms facing mounting difficulties in logistics and supply chains due to the de facto closure of the Strait of Hormuz, the ministry added.
The Shanghai Containerized Freight Index for Middle Eastern routes surged by 72.3 percent from a week earlier, indicating intensifying cost pressures for exporters, along with soaring international oil prices.
Officials will also expand export vouchers through cooperation with the agencies and related authorities, including the SMEs ministry and the Financial Services Commission.
Source: Korea Times News
