Improvement of the Export Finance System according to Changes in the Global Economic Order: Focus on SMEs in Korea

Abstract

Purpose : This study presents a plan to enhance the competitiveness of SME exporters by identifying problems in the domestic export finance system in accordance with changes in the global economic order. Research design, data, and methodology : Reviews of previous studies in the literature are related to domestic export finance support system, and analysis of work procedures in export finance support institutions. Results : This study analyzes how the current export finance support system is somewhat insufficient in terms of policies that enhance the export competitiveness of SMEs in a rapidly changing trade environment. Conclusions : In order to improve Korea's export finance support system, it is necessary to establish a one-stop financial service system to support a response to the trade paradigm shift, to encourage induction of services in the manufacturing industry, to diversify support programs suitable for the characteristics of SMEs, and to integrate support systems by institution. All are urgently needed.