"We have to upgrade major industries and foster new export items that are hard to catch up with and unaffected by the changing trade environment," Kim said.

The trade war between the US and China is a sensitive issue to South Korea as the two countries are its two largest markets, being major buyers of semiconductors, petrochemical products and cars.

Industry officials shared the consensus that the tit-for-tat tariffs would have a limited impact on their exports in the short term, but worried that a prolonged dispute could pose uncertainties and lead to an overall slowdown in global economic growth.

For sectors that heavily rely on foreign markets, like auto, trade fears could create foreign exchange fluctuations in emerging markets and affect the South Korean currency, they noted.

To minimize the repercussions from the trade war, the ministry and state-run trade promotion agencies vowed to expand support and step up overseas marketing efforts for South Korean companies.

The Korea Trade-Investment Promotion Agency said it will explore new business opportunities in promising markets, and the Korea Trade Insurance Corporation plans to expand insurance coverage to help them manage risks stemming from the rising protectionism. (Yonhap)