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ROK to better support China-bound export insurance

(Xinhua)
Updated: 2009-03-18 16:30

The Republic of Korea (ROK) government said Wednesday that it will expand its export insurance for shipments to China in a bid to support its exports in China.

Related readings:  China's first special export credit firm launched  China becomes largest exporter to South Korea  China-ROK trade rising faster than expected

The government will increase the export insurance amount to 20 trillion won, or $14 billion, up 30 percent from the previous year, ROK's Ministry of Knowledge and Economy said.

The ministry attributed the increase to a 19 percentage point drop in the nation's China-bound exports from a year earlier amid a global economic recession.

The increase in export insurance will be of great help to many local companies that it can be used in covering possible losses related to foreign trade, the ministry said.