SEOUL, Oct. 14 (Korea Bizwire) – South Korea’s exports to Vietnam have more than doubled over the past five years, making it the world’s third-largest importer of South Korean products, a report said Friday, urging local exporters to turn their gaze to newly emerging markets such as Vietnam.
In 2015, the country’s outbound shipments to Vietnam came to US$27.8 billion, spiking 24.1 percent from $22.4 billion the previous year, according to the report from the Korea International Trade Association (KITA).
Such an increase came amid a prolonged slump in South Korea’s exports, which had posted an on-year drop for 19 consecutive months since the start of last year.
The rise in shipments to Vietnam also compared with cuts in exports to China and the United States, the world’s two single-largest importers of South Korean products, in that order.
Shipments to China dropped 5.6 percent on-year to $137.1 billion last year, while shipments to the U.S. slipped 0.7 percent to $69.8 billion, according to the report.
“Exports to the U.S. and Vietnam still fall short of shipments to China, but the country’s dependence on China for exports will likely continue to dwindle, while exports to the U.S. and Vietnam may continue to increase,” it said.
“Local exporters also need to modify their strategies for the Chinese market to include high-end consumer goods, as China’s imports of consumer products continue to increase just like those of the U.S.,” it added.