Recently, South Korea's trade balance has been in deficit for 13 consecutive months. With the trade balance recording a deficit since March of last year reaching -13.6% this March, Korea's trade balance ranking plummeted from 18th to 198th. Amid expectations that trade with countries around the world, which had been shut down due to COVID-19 lockdowns, will recover to near pre-COVID levels this year alongside China's reopening, the first export consultation meeting of the year was held to secure overseas export channels.

The 2023 first-half Boom Up Korea export consultation meeting, jointly hosted by the Ministry of Trade, Industry and Energy and the Korea Trade-Investment Promotion Agency (KOTRA), was held on the 12th at Hall A of COEX in Samseong-dong, Seoul.

This business matchmaking event will feature the participation of approximately 1,500 domestic companies across six sectors, including ICT convergence, materials, parts and equipment, consumer goods, services, bio-medical, and public procurement, with 400 buyers from around the world visiting Korea to conduct about 3,500 export consultations.

It was found that out of about 400 overseas buyers, 192 companies visited to contact domestic materials, parts, and equipment companies, indicating that the global supply chain and the domestic materials, parts, and equipment industry are receiving high attention from overseas.

In addition, unlike last year when participation was limited to online due to the zero-COVID policy, 96 Chinese buyers visited Korea this year, allowing domestic companies to consult with them in person and expect to benefit from China's reopening. It was found that many Chinese buyers visited Korea to explore the consumer goods and materials and components sectors.

Given the strengths of the domestic industry in advanced manufacturing and digital sectors, the Advanced Future Industry Exhibition Hall, ICT & Smart SOC, and Digital Platform Experience Hall were set up in the center of the exhibition hall, attracting a steady stream of visitors.

KOTRA provided support for trade grievances and administrative consultation services to domestic small and medium-sized enterprises by opening consultation booths for export difficulties consulting, global M&A support projects, and support for utilizing economic diplomacy with heads of state.

In addition, the 2023 Boom Up Korea Seminar will be held at the COEX Conference Room, where presentations will be given over two days on global market entry strategies and support measures by major institutions, including an introduction to the Chinese market, entry into global distribution networks, and overseas public procurement market projects.

Ahn Deok-geun, Minister for Trade at the Ministry of Trade, Industry and Energy, stated, “Export conditions are challenging due to the recent global economic slowdown and the expansion of protectionist trade policies,” adding, “We expect this to expand the overseas presence of our companies as it is the largest export consultation meeting since the COVID-19 pandemic.”

The Ministry of Industry plans to continue providing support for buyer management, sample delivery, and follow-up consultations to ensure that this consultation leads to tangible results. Director Ahn added, “To achieve this year’s export plus goal, we will execute the export support budget early in the first half of the year, while expanding the number of integrated Korean pavilions at overseas exhibitions to more than 30 to host joint, performance-oriented overseas exhibitions. Additionally, we will hold joint expos linked with K-pop performances in Frankfurt in June and Bangkok in October.”