Exports to China suffered during pandemic, survey says

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Exports to China suffered during pandemic, survey says

More than three-fourths of Korean exporters to China have suffered damage from the coronavirus pandemic, a poll showed Monday.
 
The survey of 540 exporting companies, taken by the Korea International Trade Association (KITA), showed 75.7 percent of the respondents saying their businesses in the world's No. 2 economy have been hit by the Covid-19 outbreak.
 
Nearly 38 percent replied that they have suffered severe damage, while about 7 percent answered their Chinese businesses have benefited from the ongoing pandemic.
 
About 74 percent of the respondents cited business trips as the biggest hardship in doing business with Chinese companies.
 
Finding buyers came next at 39.3 percent, disruptions to marketing activities (39.1 percent), and customs clearance and logistics (30.4 percent).
 
Approximately 78 percent of those polled expected their exports to the world's most populous country to bounce back next year, with some 20 percent anticipating a recovery this year.
 
The survey also showed about 62 percent of the exporting firms replying they will expand their Chinese business down the road, despite the fallout from the coronavirus pandemic.
 
In May, exports to China rose 22.7 percent on-year, compared with a 45.6 percent surge in overall overseas shipments, according to government data. 
 
Yonhap
 
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