Seoul: South Korea aims to annually export US$70 billion worth of consumer goods by 2030 on the back of the soaring global popularity of Korean culture, the industry ministry said Wednesday, vowing efforts to foster the growth of premium consumer goods.

According to Yonhap News Agency, the export target was unveiled at a meeting of economy-related ministers to discuss ways to diversify Korea's exports, which currently depend heavily on a limited number of products, such as semiconductors and automobiles. Last year, Korea exported $42.7 billion worth of consumer goods.

The government stated it will foster Korean consumer goods, including foodstuffs and beauty products, as a new growth engine for exports in line with the growing power of Korean culture.

To achieve this, the government plans to assist domestically renowned consumer goods companies in enhancing their competitiveness and expanding their global presence.

Additionally, it will devise measures to support the companies' research and development, manufacturing, design, and logistics, while expanding financial support, such as trade insurance and loan programs.