South Korea Reports Record Exports Despite Middle East Conflict, Government Prepares Growth Strategy

South Korea is gradually feeling the impact of the prolonged conflict in the Middle East through higher consumer prices despite strong export data, Finance Minister Koo Yun-cheol said on May 15, 2026. Koo Yun-cheol presided over a meeting of economy-related ministers in Seoul that day to discuss countermeasures against the economic fallout from the geopolitical crisis in the Middle East, Yonhap reported.

"While South Korea has shown strong resilience against crises by posting record exports, current account surpluses and stock market indexes, the prolonged war has started to have a visible impact on the real economy and people's livelihoods," he was quoted as saying by the Ministry of Finance and Economy.

"The government intends to minimize challenges to people's livelihoods caused by the Middle East crisis while closely monitoring situations at home and abroad," Koo Yun-cheol added. He expressed gratitude to local gas stations for their cooperation with the government's fuel price ceiling scheme, noting that market prices currently remain below the cap.

The finance minister said the government is drawing up an economic growth strategy for the second half of 2026 with a focus on strengthening the country's economic security by taking lessons from the Middle East war.

South Korea will closely review changes in the economic environment, including the boom in the semiconductor industry, along with measures to ease economic polarization. The country will release the growth strategy for the second half at the end of June, according to the Ministry of Finance and Economy.

A photo of Finance Minister Koo Yun-cheol speaking during the meeting on May 15, 2026 was released by the ministry.

Koo Yun-cheol also presided over a meeting of real estate-related ministers that day. He said the government will take all available measures to stabilize the property market. "A prompt supply of housing is more critical than anything else," Koo Yun-cheol said.

The government will work to shorten the process of supplying more homes to the public. "The government is thoroughly monitoring unfair practices in the real estate market with relevant organizations and taking stern action," he added. Yonhap reported the article on May 15, 2026.