South Korea to foster service sector as new growth engine

Sejong

South Korea said Thursday it will revamp the country's export portfolio and foster its service industry as a new growth engine to revitalize its virus-hit outbound shipments. The country's service exports reached $43.8 billion over the January-June period, down 17.9 percent from a year earlier.

The Ministry of Trade, Industry and Energy, however, said soaring demand for contactless services around the globe has provided a new opportunity for local firms. In July, South Korea's exports extended their slump to a fifth consecutive month by falling 7 percent on-year amid the fallout of the new coronavirus.