Consumer good exports to Chinese market on up despite economic slowdown
- 9 years ago
Wrapping up our three-part series on China's slowing economy and its impact on Korea.
Today, we're going to take a look at how some Korean exporters are actually managing to perform better than ever in the Chinese market despite the slowdown.
Shin Se-min reports.
Korea's No.1 rice cooker manufacturer, Cuckoo Electronics, says its leading foreign customers are Chinese.
The company's overall sales in China has grown 60 percent annually since 2013.
Such demand even spurred Cuckoo to go public on Korea's main bourse last year.
"Our premium strategy on Chinese consumers has worked out well. Our cooker caters to Chinese food and cooking culture,... which has helped to bolster sales."
"Cuckoo Electronics isn't alone. Korea-made consumer goods ranging from home appliances to beauty and fashion items are seeking to expand its presence in the Chinese market,... a market that's rapidly growing in tandem with consumer demand."
Despite growing success in the Chinese market,... the total demand for consumer goods stands at mere a 4 percent... but for intermediate goods it's well over 68 percent.
It's a significant gap but experts are hopeful that the Korean wave and improved income and living standards in China will help stoke local spending.
"The Chinese government has been fostering consumption driven by economic development. This means its slowing growth rate won't significantly hurt Korean exporters."
Experts say Korean companies should invest more in marketing and branding their goods so they can keep up with the competition coming out of countries like Japan and France.
And with the Korea-China free trade agreement set to take effect next year,... Korean exporters will have even more opportunities to make their mark... just like Cuckoo Electronics.
Shin Se-min, Arirang News.
Today, we're going to take a look at how some Korean exporters are actually managing to perform better than ever in the Chinese market despite the slowdown.
Shin Se-min reports.
Korea's No.1 rice cooker manufacturer, Cuckoo Electronics, says its leading foreign customers are Chinese.
The company's overall sales in China has grown 60 percent annually since 2013.
Such demand even spurred Cuckoo to go public on Korea's main bourse last year.
"Our premium strategy on Chinese consumers has worked out well. Our cooker caters to Chinese food and cooking culture,... which has helped to bolster sales."
"Cuckoo Electronics isn't alone. Korea-made consumer goods ranging from home appliances to beauty and fashion items are seeking to expand its presence in the Chinese market,... a market that's rapidly growing in tandem with consumer demand."
Despite growing success in the Chinese market,... the total demand for consumer goods stands at mere a 4 percent... but for intermediate goods it's well over 68 percent.
It's a significant gap but experts are hopeful that the Korean wave and improved income and living standards in China will help stoke local spending.
"The Chinese government has been fostering consumption driven by economic development. This means its slowing growth rate won't significantly hurt Korean exporters."
Experts say Korean companies should invest more in marketing and branding their goods so they can keep up with the competition coming out of countries like Japan and France.
And with the Korea-China free trade agreement set to take effect next year,... Korean exporters will have even more opportunities to make their mark... just like Cuckoo Electronics.
Shin Se-min, Arirang News.