RoK considers Vietnam a promising export market
Exports from the Republic of Korea (RoK) to Vietnam, Saudi Arabia and other rapidly-growing nations have enjoyed a double-digit growth, according to the Korea Trade-Investment Promotion Agency (KOTRA).
The agency on October 6 also urged local exporters to more actively target these markets on October 10.
RoK exports to Vietnam in the first eight months of this year surged 30.2 % compared to the same period last year. Exports to Saudi Arabia rose 22 % followed by Morocco at 19.4 %, the Czech Republic at 16.7 % and Mexico at 14.1 %.
This has been a breakthrough in the field given the RoK’s overall outbound shipments dropped 6.1 % in the period.
RoK exporters should make greater inroads into the above countries, all of which have posted robust economic growth, a KOTRA spokesman said.
RoK manufacturers, which have established plants in Vietnam, Mexico, the Czech Republic and other emerging economies, provide a wide range of industrial spare parts and intermediate goods to their production facilities in these countries.
This has increased the volume of RoK exports to the countries, KOTRA noted.