If the Ukrainian situation is prolonged, the semiconductor and automobile industries will inevitably suffer a blow = Korea (The Hankyoreh) - Yahoo! News
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The key to the impact on South Korea's exports to Russia is the stable supply and demand of raw materials South Korean government ``190 billion yen in financial assistance to affected companies'' Financial markets in wait-and-see mood
The export restrictions imposed by the United States on Russia, which invaded Ukraine, plunged South Korean export companies into a state of emergency. For the time being, the weight of exports to Russia is not so high, so the damage is expected to be small. The domestic financial market, which had been shaken the day before, regained stability for the time being. In a phone interview with this newspaper on the 25th, a key official at the Ministry of Trade, Industry and Energy said, "It's not that all exports to Russia will be blocked. "The basic blockade strategy is to restrict exports to." Prior to this, according to the US Commerce Department's blockade measures against Russia announced on the 24th (local time), export restricted items and technologies to Russia include electronics (semiconductors), computers, information communication, sensors, lasers, navigation, It includes 57 items and technologies in 7 fields of avionics, marine, and aerospace. The US measure that directly affects South Korean industry is the policy of expanding the application of the Foreign Direct Product Regulation (FDPR). This measure prohibits the export of products that use US software or designs in the manufacturing process, even if they are manufactured in a third country outside the country. It has been used to damage core Chinese companies such as Huawei as the US-China conflict deepens. The regulation has been extended to include Russia, affecting exports of items such as semiconductors, automobiles, and electronic products that have been exported to Russia. However, there are some voices among business people that there are no major concerns in the short term. "The volume of semiconductor trade with Russia itself is very small," said a person involved in the semiconductor industry in an interview with this newspaper. In fact, Russia's share of South Korea's semiconductor exports (value basis) as of last year was only 0.06%. We are even more concerned about the impediments to production that will appear if the serious situation at the site is prolonged and the raw materials that we have currently stockpiled run out. “The key is how much stock (of raw materials) we have,” said Kim Yang-paeng, a researcher at the Institute of Industrial Science. In the case of krypton, one of the raw materials for semiconductors, the ratio of imports from Ukraine is relatively high at 30.7%. The atmosphere in the auto industry is largely the same. In the South Korean government, Deputy Prime Minister and Minister of Strategy and Finance Hong Nam Ki held a meeting of related ministers (Green Room Meeting) and other measures to review various countermeasures. First, the government decided to strengthen the financial environment of exporting companies by extending credit guarantees for export companies within one month and promptly compensating for insurance claims. In the same vein, an “emergency financial assistance program” will also be put into operation that can be used in the event of damage on the scale of up to 2 trillion won (approximately 190 billion yen) by importing and exporting companies. This is a response to the fact that some city banks have taken measures such as reducing the loan limits for companies that are directly or indirectly related to the situation in Ukraine, seeing them as having a risk of poor financing. On the other hand, the Korean financial market turned to wait-and-see, with the stock market rebounding after sharply dropping the day before. Both KOSPI (1.06%) and KOSDAQ (KOSDAQ, 2.92%) rose from the previous day, and the bond market also showed calmness, with interest rates on 3-year government bonds rising by 0.018% (bond prices falling). . The won-dollar exchange rate closed at 1,201.6 won to the dollar, up 0.8 won against the dollar. By Lee Ji-hye, Ahn Tae-ho, Song Dam-moon, senior staff reporter Kim Young-bae (contact japan@hani.co.kr)
Last Update: The Hankyoreh Newspaper
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