A survey of 540 South Korean exporting firms by the Korea International Trade Association (KITA) revealed 75.7 per cent of those exporting to China have suffered damage from the coronavirus pandemic. Nearly 38 per cent replied they have suffered severe damage, while about 7 per cent said their Chinese businesses have benefited from the pandemic.
About 74 per cent of the respondents cited business trips as the biggest hardship in conducting business with Chinese companies. Finding buyers came next with 39.3 per cent, disruptions to marketing activities (39.1 per cent) followed, and then customs clearance and logistics (30.4 per cent).A survey of 540 South Korean exporting firms by the Korea International Trade Association (KITA) revealed 75.7 per cent of those exporting to China have suffered damage from the coronavirus pandemic. Nearly 38 per cent replied they have suffered severe damage, while about 7 per cent said their Chinese businesses have benefited from the pandemic.#
Nearly 78 per cent of those polled expected their exports to China to bounce back next year, with some 20 per cent anticipating a recovery this year, a news agency reported.
The survey also showed about 62 per cent of the exporting firms plan to expand their Chinese business down the road, despite the fallout from the pandemic.
In May, South Korea’s exports to China rose by 22.7 per cent on-year, compared with a 45.6 per cent surge in overall overseas shipments, according to government data.
Fibre2Fashion News Desk (DS)
20240830145952.gif)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
