The government has set this year’s export target at 685 billion U.S. dollars. 

The Ministry of Trade, Industry and Energy outlined the goal during an export strategy meeting chaired by President Yoon Suk Yeol on Thursday, raising it by five billion dollars from its initial objective set late last year.

The ministry said the new target was based on the government’s strong determination to achieve growth in exports despite difficult conditions, including a global economic slowdown.

Under the plan, a total of 18 agencies, including the environment, education and defense ministries as well as the Korea Customs Service and Public Procurement Service, will mobilize their capabilities to support the expansion of the nation’s exports.

The government plans to inject a budget of one-point-five trillion won into projects that support exports and provide up to 362-point-five trillion won in trade financing.