President Yoon Suk Yeol has pledged to expand trade financing to a record high of 350 trillion won in a bid to support domestic exporters.

Presiding over an emergency economic meeting at Busan New Port on Wednesday, Yoon said that despite recent record highs in outbound shipments, the export forecast for the second half of the year appears grim due to declining semiconductor prices.

The president also mentioned that overseas construction orders, which reached the 71-billion-dollar range in 2010, have been stuck under the 30-billion-dollar level every year since 2016.

Aside from expanding financial support, Yoon promised to reduce impediments faced by exporters in logistics, marketing and overseas certification.

He also noted that the nation faces three major risks in the form of decreased exports to China, soaring energy prices and a drop in chip exports.

Pledging active diplomatic efforts to assist domestic firms in winning more overseas construction contracts, Yoon said the nation has the opportunity to rise to the top by packaging and selling its capabilities in facility construction, transportation and 5G networks to a wide range of international customers.