The following combines the April 7 Press Briefing on the Middle East Situation issued by Cheong Wa Dae (CWD) Chief of Staff Kang Hoon-sik and an April 8 press release by the Ministry of Foreign Affairs (MOFA) regarding the recent cease fire:
Today marks the 39th day since the outbreak of the Middle East crisis. In response to signs of expanding and prolonged military conflict, the government established an Emergency Economic Situation Room at Cheong Wa Dae on March 25, and has convened three sessions of the Emergency Economic Review Meeting, chaired directly by the President, with the most recent held yesterday.
The government is making all-out efforts to stabilize the supply and pricing of essential goods for daily life, including energy, petroleum products, and pharmaceuticals.
Macroeconomic Indicators Remain Resilient
To date, the impact of the Middle East situation on South Korea's overall macroeconomic indicators has been assessed as limited.
Exports recorded an all-time monthly high of $86.1 billion in March — a 48% increase year-on-year. The strong trend has continued into April, with average daily export figures running 41% above last year's levels through May 5.
Domestic consumption, another key pillar of the economy, is also holding firm. Credit card spending rose 7% in March and accelerated to 13.1% in April.
Nonetheless, while macroeconomic performance remains solid, the emergency has now persisted for more than a month, and the duration of its impact remains uncertain. The most urgent priority at this juncture is minimizing the effect on people's livelihoods and ensuring stable supply management of essential daily necessities.
Energy Supply: Securing Alternative Sources
South Korea is heavily dependent on crude oil and naphtha from the Middle East region. Last month, the government reached an agreement with the UAE for priority supply of 24 million barrels of crude oil ahead of other countries, and shipments of crude and naphtha from the UAE are now arriving at Korean ports on a rolling basis.
However, given that 61% of crude oil imports and 54% of naphtha imports passed through the Strait of Hormuz as of last year, securing alternative supply sources remains an urgent necessity until the Middle East situation is fully resolved.
In response, the government is dispatching a Presidential Special Envoy for Strategic Economic Cooperation — accompanied by relevant ministries including MOTIR and domestic energy companies — to Kazakhstan, Oman, and Saudi Arabia, departing this evening, for consultations on securing additional crude oil and naphtha. The government has committed to working closely with the companies that actually import these materials, and to providing all necessary support until tankers and petroleum product carriers reach Korean ports.
Medical and Daily Supplies Stabilization
In response to concerns raised in media coverage about shortages of pharmaceuticals, medical devices, and medical products, the government is deploying every available policy tool to ensure stable supply chains.
Priority allocation of raw materials — including naphtha, plastics, and resins — is being provided to manufacturers of IV solutions, packaging materials, and syringes. A hoarding-prevention reporting center has been established, and administrative guidance is being issued to wholesale distributors to eliminate illegal stockpiling and market disruption.
The government is also monitoring real-time supply and price trends for key items such as urea solution, paint, and standard garbage bags through a traffic-light signal system. When anomalies are detected, investigations are launched into distribution-chain issues, alternative suppliers are identified, and possible regulatory relief measures are evaluated and implemented rapidly. On-site visits to production and distribution facilities are being conducted to ensure that monitoring reflects actual conditions on the ground rather than becoming disconnected desk-level assessments.
Vessel Safety in the Strait of Hormuz
Regarding the 26 Korean-flagged vessels currently waiting inside the Strait of Hormuz, the government is developing measures to enable their safe passage, with crew safety as the top priority, while taking into account shipping company positions and the framework of international cooperation.
Calls for Public Cooperation and Vigilance Against Disinformation
The government calls on the public to trust in its ongoing efforts and to continue normal daily economic activities, while also participating actively in energy conservation in light of the difficult supply situation.
The government emphasizes that spreading false information or manipulated content that exploits the crisis to generate public anxiety constitutes a serious criminal act that undermines the normal functioning of the national system. Where violations are confirmed, strict measures including criminal referral will be applied.
Government Reaffirms Commitment to Diplomatic Resolution
The government highly values the mediation efforts of Kazakhstan and other relevant countries. It hopes that negotiations between the two sides will reach a conclusion and that peace and stability in the Middle East will be restored at the earliest possible opportunity.
The government further hopes that the free navigation of all vessels — including those flying the Korean flag — through the Strait of Hormuz will be ensured promptly and safely, and will continue communication and consultation with all relevant parties toward that end.
CWD and MOFA press releases translated by AI, edited by David Kendall
