South Korea to Aid Exporters with KRW 181T in Form of Loans until end of 2023

South Korea will provide up to 181 trillion won ($137 billion) in low-interest loans to exporters until the end of the year, as well as waive visa processing fees for Chinese tourists, according to the finance ministry on Sept 4.

The government hopes to increase the number of Chinese tourists from one million to 1.5 million per month by expediting visa waivers and coordinating tourist events with retailers.

"The trade balance is likely to remain in surplus in September, while export declines will ease further, and exports are likely to swing to growth during the fourth quarter," finance minister Choo Kyung-ho told policymakers at a meeting on September 4.

Analysts at ING forecast we third-quarter economic growth will decelerate to 0.2 per cent quarter-on-quarter seasonally adjusted from 0.6 per cent in the second quarter, with domestic demand slowing further.