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KEIC rises to market challenges

01 July 2008

The Korean export credit agency Korea Export Insurance Corporation (KEIC) outlines its performances amid recent economic circumstances.

Read more: Korean export credit agency South Korea exports manufacturing shipping KEIC insurance corporation

Korea's economy has been affected, as other economies have, due to unfavourable economic circumstances such as the rising prices of raw materials, inflation and the US sub-prime crisis.

The competitiveness of the Korean key industries, however, seems not to have been greatly damaged. Export performances by Korean companies have not deteriorated much; in fact, its exports of goods and services increased by 14% in 2007, and 21% in the first half of 2008, respectively.

With regard to exports of capital goods and services, the shipbuilding industry continues to show healthy performance, recording 32.7 million CGT of new contracts in 2007, approximately 60% up compared to the previous year according to Clarkson Research Services. The equipment plant sector also showed robust performance receiving US$17.4 billion of new orders by May of this year, approximately 32% up year-on-year, Korea Plant Industries Association estimates.

To maintain their strong performance, Korean...

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