The government, which aims to achieve 700 billion U.S. dollars in exports this year, has raised its export goals for key items, including semiconductors.

Minister of Trade, Industry and Energy Ahn Duk-geun held the 5th meeting on the public-private joint export expansion plan at the Korea International Trade Association in Seoul on Tuesday and reviewed this year’s export situation with industry and export support agencies, as well as related ministries, to discuss export support plans for the second half of the year.

The ministry upped this year’s export target by over 10 billion dollars, focusing on five core items including semiconductors, automobiles and parts, petroleum and chemical products, K-beauty, and K-food.

To support the target goals, the trade ministry announced it will secure an additional five trillion won in trade insurance and provide 370 trillion won in trade finance this year.

In particular, 90 trillion won, or about 65 billion U.S. dollars, in trade finance will be provided to small and medium-sized companies. The ministry will also expand its limit on financial support for new export companies from one billion won to a maximum of five billion won.

The ministry predicts that South Korean exports will reach an all-time high of 689-point-one billion dollars this year.