Korea Trade Insurance Corporation (K-sure) provided 143.8 trillion won in export support during the first half of this year, with 60.4 trillion won directed to small and medium enterprises, as the country's monthly exports surpassed $100 billion for the first time last month. Korea's exports reached $102.25 billion last month, marking a 70.9% year-on-year increase and making it the fourth country globally to achieve monthly exports exceeding $100 billion. K-sure has expanded financial support since 2020 amid global supply chain uncertainties, growing from 165.1 trillion won in support that year to a record 268 trillion won last year.
K-sure Expands Support from 165 Trillion Won in 2020 to Record 268 Trillion Won
K-sure's support volume reached 165.1 trillion won in 2020, increased to 238.4 trillion won in 2022, and hit a record 268 trillion won last year, according to data from the institution. Support for small and medium enterprises grew from 87 trillion won in 2023 to 97 trillion won in 2024 and 109 trillion won last year. If the current trend continues, this year's support is projected to approach 290 trillion won on an annualized basis, which would set a new record.
K-sure's support scale exceeds that of Japan's Nippon Export and Investment Insurance (NEXI), which recorded insurance underwriting of 7.6 trillion yen (approximately 70 trillion won) in fiscal year 2024. K-sure provides trade insurance for export payments, guarantees, foreign exchange hedging insurance, and overseas debt collection services. The institution compensates losses when overseas buyers fail to make payments or provides guarantees backing bank loans.
K-sure Customer Base Reaches 70,000 Companies
K-sure's customer base reached 70,000 companies as of last month, representing a record high. The institution's fund size hit 5.9 trillion won at the end of last year, marking the largest amount in its history. K-sure celebrated its 34th anniversary alongside the monthly export milestone.
Trade Insurance Support Generates 270 Billion Won in Exports per Trillion Won
A 2021 analysis by the Korea Development Institute (KDI) found that trade insurance produces a 27% export multiplier effect. The study estimated that each 1 trillion won increase in trade insurance support generates approximately 270 billion won in additional exports. The Ministry of Trade, Industry and Energy reported that last month's export figure of $102.25 billion represents the first time monthly exports exceeded $100 billion.
FAQ
What export support did K-sure provide in the first half of this year?
K-sure provided 143.8 trillion won in total export support during the first half of this year, including 60.4 trillion won specifically directed to small and medium enterprises.
How much did Korea's monthly exports reach last month?
Korea's exports reached $102.25 billion last month, representing a 70.9% year-on-year increase and marking the first time monthly exports exceeded $100 billion.
