Amid a continued rise in ocean freight rates, the government announced it will swiftly execute twenty billion won or fourteen-point-five million U.S. dollars in export vouchers.

According to First Vice Minister of Economy and Finance Kim Byoung-hwan during a vice-ministerial meeting on the economy on Friday, the government will allocate the budget for the second half of the year to ease the logistics costs on small and medium-sized export companies, while increasing the scope of eligibility and period of support.

Export vouchers are issued for companies to help them gain access to export assistance projects, as the vouchers can be seen as a means of payment for public administration services.

“Export Vouchers” are government subsidies issued for companies to help them gain access to export assistance projects and these vouchers can be seen as a means of payment for public administration services. 

Ocean freight rates have increased over the past few months as ships have been taking longer routes to avoid the Red Sea as attacks by Houthi rebels continue on the major shipping route.