Aussie boosts exports to RI

Aussie boosts exports to RI

CANBERRA (Bloomberg): Australia extended the trade credit insurance it provides to businesses exporting to South Korea and Indonesia by a four months, the government said Tuesday.

The extension takes the deadline to the end of July, though the government said it will reduce the amount to Korea to A$300 million (US$191 million) from A$500 million announced in May last year.

"This decision will help Australian exporters to maintain trade with Asia in difficult times and to consolidate market share in these two countries," said Trade Minister Tim Fischer.

South Korea is Australia's third-largest export market after the U.S., taking A$6.4 billion in Australian exports last year.

Indonesia was Australia's 10th-biggest trading partner. The credits are made available through the Export Finance and Insurance Corporation on the government's National Interest account.