SEJONG, May 2 (Korea Bizwire) – South Korea will simplify customs clearance process to help local exporters do business more easily in a way to give further momentum to the country’s exports which seems to have entered an upside cycle, the customs agency said Tuesday.
The Korea Customs Service (KTS) said those who sell goods to foreign customers through an online platform will face easier and faster customs regulations, as only 27 items will be subject to mandatory declaration, down from the current 57 items.
The businesses will also be able to report their exports to the KTS through a fast-track service program that helps them check the entire order, logistics and delivery processes at once.
The deregulation was aimed at boosting such direct purchases made by foreign online shoppers, as the market has been booming in recent years on rising demand for South Korean cosmetics and clothes.
Foreigners’ purchases of South Korean goods through the Internet reached 2.28 trillion won (US$2 billion) in 2016, shooting up 82 percent from a year earlier, with 78.4 percent coming from China.
The KTS also gives consulting services to small and medium-sized companies to help them make good use of free trade deals and tariff cuts. South Korea has concluded free trade agreements with nearly 60 countries including the United States and China.
“The KTS came up with such plans to give full support to recovering exports and help them expand further,” the agency said in a release.
Asia’s fourth-largest economy saw its monthly exports gain ground for six months in a row in April thanks to a recovery in world trade, a sharp turnaround from an 8 percent drop in 2015 and a 5.9 percent fall in 2016.