Korean exporters have benefited from the massive earthquake in Japan that hit the country a year earlier and hurt the competitiveness of its companies in overseas markets, a poll showed Thursday.
The survey on 368 companies conducted by the Korea Chamber of Commerce and Industry (KCCI) showed 32.1 percent of the respondents saying they were able to increase shipments to markets contested by Japanese rivals following the fatal temblor.
Companies also said that the earthquake and subsequent tsunami that hit the northeastern part of the country on March 11 helped fuel exports to Japan and business investments from the neighboring country. The quake left over 19,000 people dead or missing with losses estimated at around 240 trillion won ($214 billion).
The findings showed 28 percent of companies saying exports increased because of the quake, with 21.2 percent of the respondents saying the natural disaster contributed to more business investment coming from Japan.
South Korea's overall exports reached a record high of US$556.5 billion last year, up 19.3 percent from the year before. Product shipments to Japan shot up 40.9 percent on-year in 2011 from a growth of 29.4 percent tallied for the previous year.
The country's chronic trade surplus with Japan shrank to $28.0 billion last year from $36.3 billion in 2010.
The survey also showed 23.9 percent of the companies expecting exports to Japan in 2012 to increase vis-a-vis last year. This is higher than the 13 percent that expected a drop in shipments.
On the downside, 32.6 percent of the companies polled said unstable exchange rates could affect exports in the future, with 32.2 percent expressing concerns that the weak state of Japan's domestic economy could affect demand.
The KCCI also warned that despite the benefits reaped by Korean businesses so far, the natural disaster should be viewed as a temporary development.
It called on local businesses to redouble their research and development efforts, improve quality control and seek to diversify their export markets to reduce their vulnerability to external shocks. (Yonhap)