KOTRA Introduces Market Opportunities for Auto Parts Exports

Automotive Parts Export Promising Market Briefing and Consultation Meeting Held

[Asia Economy Reporter Kim Pyeonghwa] The Korea Trade-Investment Promotion Agency (KOTRA) will hold an online promising market briefing and opportunity market consultation session for automobile parts exporters on September 1. This event is organized to improve the situation as domestic automobile parts exports (based on MTI level 3) only reached $13.8 billion (18.6203 trillion KRW) by July this year, showing a slowdown with just a 1.7% increase compared to the same period in 2021.

At this briefing, branch office experts from KOTRA’s trade offices in Detroit, USA; Munich, Germany; Mexico City, Mexico; and Chennai, India will serve as speakers, introducing the current status of the automobile markets in each region and the purchasing patterns of finished car manufacturers and Tier 1 suppliers. They will also provide information on what export support can be received through KOTRA’s overseas trade office branch services and share successful export cases. The branch service aims to have dedicated staff at KOTRA’s overseas trade offices find desired buyers for companies, facilitate consultations, and help conclude export contracts over the course of one year.

In the consultation session, in addition to the four regions introduced at the briefing, branch office experts with over 10 years of experience from Baghdad, Iraq; Khartoum, Sudan; and Warsaw, Poland will participate to provide consultations on the marketability of products for each company. Iraq has a Korean automobile market share exceeding 40%, resulting in high demand for automobile parts. Sudan also has a Korean automobile market share exceeding 60%, with many buyers seeking to import Korean automobile parts. Poland is an opportunity market producing over 430,000 finished cars annually.

Kim Yuntae, head of KOTRA’s Small and Medium Enterprises Division, said, “To increase exports, it is very important not only to increase export volume but also to diversify export regions. We will strive to quickly enter export opportunity markets that companies have not been well aware of until now.”

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