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While South Korea's trade balance is likely to record a surplus next year after three years of struggle, experts warned that the country should brace for worsening global economic instability and geopolitical complications. At a seminar held by the Korea International Trade Association on Tuesday in Seoul, experts presented outlooks for next year's export environment and trade issues related to the US presi. ....
South Korean exporters urged to brace for rising ocean freight rates South Korean firms that are heavily reliant on exports should come up with diverse ways to cut down on their logistics costs amid a prolonged surge in ocean freight charges, a report suggested Friday. Ocean freight rates are rising and could continue for a long time against the backdrop of unstable supply and demand for empty containers and a rise in demand due to revenge consumption, the Institute for International Trade warned in its report. To achieve a competitive price edge, exporters can cut down customs duty and logistics fees by changing the terms and conditions of Incoterms a set of predefined commercial terms widely used in international transactions process, said the institute, a research center under the Korea International Trade Association. ....