KOTRA Holds Business Meeting to Review Export Strategy to China

Various Opinions Emerge for Export Recovery Including Requests to Expand Overseas Shipping Company Invitation Consultations

The scene of the KOTRA branch office company meeting in progress / Source=KOTRA

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) held a corporate meeting at the KOTRA headquarters on the 19th to review export strategies to China. This meeting was organized to assess the situation as exports to China decreased by 2.5% compared to the same period last year as of July, resulting in a trade deficit for three consecutive months.

At this meeting, KOTRA analyzed areas requiring support to increase exports to China, promising markets, products, methods, and target segments, while listening to corporate opinions. Attendees included business representatives who have used KOTRA’s branch office services for several years, sharing effective on-site insights for exports to China. The branch office service refers to KOTRA’s overseas trade offices providing customized export-related services for one year according to the company’s overseas expansion needs. Specifically, target markets and strategies by product categories such as ▲environmental equipment ▲automotive parts ▲ship equipment ▲materials ▲cosmetics ▲beverages ▲health functional foods were discussed.

The CEO of ship equipment company M, who participated in the meeting, said, "More than one-third of shipbuilding equipment purchases are actually decided by shipping companies rather than shipyards," adding, "It is necessary to strengthen networks with shipping companies and expand business consultations involving overseas shipping companies."

The CEO of environmental equipment company B suggested, "Environmental policies come out of Beijing, Shanghai excels in business capabilities, and Guangzhou has high demand for environmental equipment," proposing that "an export consultation meeting connecting these three regions would greatly benefit companies."

The CEO of industrial semiconductor materials company Q said, "For industrial materials exports, please focus on contacting technical managers of overseas materials processing companies," and added, "Introducing technology at forums with many technical managers or participating in industrial exhibitions would be very effective."

KOTRA President Yoo Jung-yeol stated, "We are checking if there are any overlooked areas to recover exports to China," and emphasized, "We will incorporate the voices from the corporate field into export strategies to revitalize exports and make every effort to reduce the trade deficit."

This content was produced with the assistance of AI translation services.