Trade Minister Cheong In-kyo on Wednesday insisted the recent political situation in South Korea will likely have only a limited impact on exports, stressing that the government will work to address both internal and external uncertainties.

Cheong made the remark during an emergency meeting with trade-related organizations to address market concerns sparked by President Yoon Suk Yeol's short-lived martial law declaration last week, according to the Ministry of Trade, Industry and Energy.

"I believe that export companies have significant concerns due to the domestic political situation. As of now, its impact on exports appears to be limited," Cheong said in a statement.

South Korea's exports extended their on-year gains for the 14th consecutive month in November, driven by the strong performance in the semiconductor sector. Outbound shipments also grew 12.4 percent from a year earlier in the first 10 days of December as well.

The ministry said no cancellation of contracts or payment delays have been reported due to the political situation.

Participants in the meeting, however, noted that the government must thoroughly prepare for the potential aftermath, including cancellations of visits by foreign buyers.

Cheong emphasized that it was notable South Korea maintained export growth throughout the year despite challenges such as high interest rates, inflation and the strong US dollar.

"Under any circumstances, the government will firmly uphold the country's external credibility," the trade minister said, adding that the ministry will implement follow-up measures, including trade finance programs, should exporters face hurdles due to the turmoil.

Cheong also highlighted the need to address business uncertainties stemming from potential changes in US trade policies, noting that Seoul will enhance communication with foreign governments to ensure a stable business environment for exporters. (Yonhap)