ID :
31833
Sun, 11/23/2008 - 18:28
Auther :
Shortlink :
https://oananews.org//node/31833
The shortlink copeid
Strong yen fuels Japanese distributors interest in S. Korean products: gov't
SEOUL, Nov. 23 (Yonhap) -- The surge in the Japanese yen is spurring interest
among major Japanese distributors in South Korean-made products, which can help
boost exports, the government said Sunday.
The Ministry for Knowledge Economy said it will host a five-day gathering of
Japanese retailers and local exporters in southern Seoul starting Monday that
could facilitate trade negotiations.
The yen has surged in value against many foreign currencies, including the Korean
won, making locally made goods cheaper. The exchange rate stood at around 1,000
won to 63 yen on Friday, with the Japanese currency trading at 95 yen to the US
dollar.
"The goal is to allow small- and medium- sized enterprises that are feeling the
pinch of slow growth to show their products to potential buyers who can open new
export markets," a government official said.
He said 43 leading distributors and retailers from Japan are to take part in
talks with 350 South Korean companies expected to show up at the event.
Others at Korea International Trade Association said the recent melamine scare
and concerns about overall quality has caused many Japanese businesses to shy
away from buying Chinese goods and to seek alternative suppliers.
Among the companies that have sent buyers are Don Quijote, with annual sales of
5.6 trillion won (US$3.7 billion), Komeri, a large flower and agricultural
retailer, and QVC Japan, a home shopping firm with annual sales reaching 1
trillion won.
Other companies to take part in talks are Ohyama and Drug Eleven, which handle
health food and cosmetics, food distributors SC Foods and Vege Tech, and Sowa,
which retails audio and recording equipment.
South Korea is trying to boost exports as the country posted a cumulative trade
deficit of $14.6 billion won in the first 10 months of this year on high energy
prices.
In October South Korea's trade deficit reached $1.21 billion, with policymakers
forecasting a slight surplus for the fourth quarter that could reduce the annual
deficit.
yonngong@yna.co.kr
(END)
among major Japanese distributors in South Korean-made products, which can help
boost exports, the government said Sunday.
The Ministry for Knowledge Economy said it will host a five-day gathering of
Japanese retailers and local exporters in southern Seoul starting Monday that
could facilitate trade negotiations.
The yen has surged in value against many foreign currencies, including the Korean
won, making locally made goods cheaper. The exchange rate stood at around 1,000
won to 63 yen on Friday, with the Japanese currency trading at 95 yen to the US
dollar.
"The goal is to allow small- and medium- sized enterprises that are feeling the
pinch of slow growth to show their products to potential buyers who can open new
export markets," a government official said.
He said 43 leading distributors and retailers from Japan are to take part in
talks with 350 South Korean companies expected to show up at the event.
Others at Korea International Trade Association said the recent melamine scare
and concerns about overall quality has caused many Japanese businesses to shy
away from buying Chinese goods and to seek alternative suppliers.
Among the companies that have sent buyers are Don Quijote, with annual sales of
5.6 trillion won (US$3.7 billion), Komeri, a large flower and agricultural
retailer, and QVC Japan, a home shopping firm with annual sales reaching 1
trillion won.
Other companies to take part in talks are Ohyama and Drug Eleven, which handle
health food and cosmetics, food distributors SC Foods and Vege Tech, and Sowa,
which retails audio and recording equipment.
South Korea is trying to boost exports as the country posted a cumulative trade
deficit of $14.6 billion won in the first 10 months of this year on high energy
prices.
In October South Korea's trade deficit reached $1.21 billion, with policymakers
forecasting a slight surplus for the fourth quarter that could reduce the annual
deficit.
yonngong@yna.co.kr
(END)
