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).
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Manufacturing mobile phones at Samsung Electronic Vietnam Thai Nguyen |
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 percent compared to the same period last year. Exports to Saudi Arabia rose 22 percent followed by Morocco at 19.4 percent, the Czech Republic at 16.7 percent and Mexico at 14.1 percent.
This has been a breakthrough in the field given the RoK’s overall outbound shipments dropped 6.1 percent 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./.