Korea’s exports of client items are extensively anticipated to succeed in a brand new excessive this 12 months on the again of hovering international recognition of Korean tradition, the chief of the Korea Commerce-Funding Promotion Company (KOTRA) has mentioned, pledging stepped up efforts to assist diversify abroad markets and export objects.
Outbound shipments of client items have elevated 6.6 % from a 12 months earlier within the first 9 months of the 12 months, reaching an all-time excessive for the January-September interval, in keeping with KOTRA President Kang Kyung-sung.
“Among the many 5 main consumer-goods export classes, meals has been the highest merchandise to this point, however this 12 months the expansion charge of cosmetics exports has greater than doubled,” Kang mentioned in a press convention Thursday. “Will probably be value watching whether or not cosmetics surpass meals in annual export quantity.”
Kang attributed the sturdy efficiency of client items to the worldwide recognition of Korean tradition, meals, well being and sweetness merchandise.
“As the ability of the Korean wave grows stronger, Korea has as soon as once more seized the chance, which was to spice up exports of Ok-consumer items,” he mentioned. “I’m satisfied that Korea could make a major leap ahead.”
The KOTRA chief harassed that diversification of export objects and locations would be the key to sustaining Korea’s export competitiveness amid heightened international commerce uncertainties.
For the diversification of export markets, KOTRA will work to broaden its enterprise within the International South, such because the Affiliation of Southeast Asian Nations (ASEAN) and India, whereas supporting the globalization efforts of industries which have emerged as new development engines for the nation, together with client items, protection and biohealth.
KOTRA may even work to assist the nation’s efforts to stabilize provide chains and adapt to shifts within the international commerce setting, such because the rising alignment of financial safety and commerce points, Kang mentioned.
“If this 12 months was all about tariff negotiations, subsequent 12 months will likely be about intensifying competitors over provide chain restructuring,” he added.
