Ken Yang, Global Delaware’s trade rep in South Korea, has shared some valuable insight with us on the South Korean market. Here are the major takeaways:
Major growth happening in select industry sectors.
There is demand for products and services that are in line with Delaware’s leading industries.
South Korea has tons of market potential for Delaware businesses. Check out Ken’s full report here, or read the summary below.
Healthcare is a major growth industry in South Korea, specifically bio and pharma, medical devices and smart healthcare. For medical devices alone, over $1.4 billion were imported from the U.S. this year (the whole market size is $5.7 billion and it grows year over year).
E-commerce is rapidly growing. Ken Yang says that South Korea experienced a century of development in a decade. This is reflected in the growth of e-commerce sales. In 2001, there were less than $3 billion dollars in e-commerce transactions in South Korea; now it’s over $41 billion annually.
This is what South Koreans are buying online:
Travel and booking services (18.6%)
Home electronics, appliances and communication (11.8%)
Clothing, footwear and accessories (10.2%)
Car and household accessories (10.2%)
Food and groceries (9.2%)
Computer and equipment (5.9%)
Baby and Children’s goods (4.4%)
Sports & Leisure Equipment (4.2%)
The Information/Communication Technology industry is projected to grow in South Korea by 3.1 percent each year. Projections predict a major spike in the market size, growing to $511 billion in 2020.
The Defense sector needs aerospace and aviation products, naval vessels and communication and electronic equipment. In 2013, $6.3 billion in defense-related products were exported to South Korea. Of that, $5 billion (80 percent) came from the U.S.
Explore Marketing Opportunities
Contact a Global Delaware team member and start exploring opportunities for your products and services in South Korea. Ken Yang and his team of experts on the ground are ready to help.
Is a business trip right for you? Our team is headed to South Korea in April 2017 and you may be able to come with us. We’ll set up meetings for you, help you every step of the way and even assist with follow-up.
Click here for a flyer with more information on the trip.
Find the application here.
Ken also has a guide on cultural considerations for business meetings in South Korea. Check it out here!
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