Korea said Wednesday it plans to provide up to a record 351 trillion won ($260 billion) in trade financing to local exporters in an effort to bolster exports amid a widening trade deficit.
The government also picked a decline in exports to China, falling chip prices and high energy costs as three major risks to the country's trade and plans to strengthen the management of such risks, according to the industry ministry.
The measure was announced as the country's trade balance deteriorated mainly because imports grew at a faster pace than exports due to high energy costs.
Korea's exports, the main driver for economic growth, rose 9.4 percent on-year in July, marking the 21st consecutive month of growth.