Finance Minister Hong Nam-ki has projected that South Korea's exports may face more difficulties down the road due to the COVID-19 pandemic.

During a meeting with economy-related ministers on Wednesday, Hong assessed that South Korea's exports fared well in March thanks to the increased number of working days and improved shipments of chips. 

However, he said that the country's exports appear to have not been hit yet by the full impact of the global economic fallout of the virus. 

The minister vowed policy efforts to remove obstacles for exporters and to prevent the weakening of the global value chain.

The minister also said the government will increase the deduction rate for rental fees from 25 percent to 50 percent for small shops and businesses at airports.