Exports Will Top $400 Bil. Next Year
By Jane Han
Staff Reporter
Strong overseas demand for machinery, automobiles and digital equipment goods will further drive up outbound shipments next year, ringing up the country's export volume to $400 billion, a government trade agency said Monday.
KOTRA said a majority of almost 1,500 foreign buyers it polled said they predict Korean exports to climb up 12.5 percent in 2008 to $417.3 billion thanks to the ongoing rise in demand in Asian and Middle Eastern countries.
With active infrastructure expansions continuing in the Commonwealth of Independent States (CIS), machinery and related equipment sales, which have been strong throughout this year, are expected to stay robust.
Similar situations apply to the Vietnam, India and nearby regions, as their rapid economic growth calls for speedy construction of facilities as well.
And in areas that are seeing strong consumer spending, mobile phones, home appliances, automobiles and other consumer goods are set to see improved sales.
Amid rosy speculations, the trade agency says, however, that developed markets of the U.S., Europe and Japan won't see similar growth, which calls for better marketing strategies.
Aside from price and quality, companies will have to offer the full package of service and brand power, it said, referring to more active premium marketing.
``Businesses now have to sketch out a 10-year or 20-year plan that can pull them through the fierce competition,'' said Min Kyung-sun, a divisional head of KOTRA.