Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Weak Yen Hurts S. Korean Consumer Goods Exports  Join our daily free Newsletter

MENAFN - Qatar News Agency - 06/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - #Qatar News Agency) A weak yen hurt South Korean consumer goods exports to #Japan and influenced bilateral tourism trends last year, a report by an international traders association showed Sunday. According to the Korea International Trade Association (KITA), consumer goods exports to #Japan dropped 13.1 percent on-year in 2013 to US4.85 billion, from 5.59 billion tallied a year earlier, while imports from #Japan reached 2.71 billion, a more modest 4.2 percent dip from the year before. "Both numbers contracted, but South Korean exports fell more sharply, while the rate of decline for Japanese goods actually decreased," the association said. In 2012, Japan's exports of consumer goods to #SouthKorea fell 7.4 percent on-year to 2.83 billion. The move reduced the South Korean trade surplus in consumer goods from 2.76 billion in 2012 to 2.14 billion last year.



The development comes as the Korean won appreciated 25.7 percent against the Japanese currency last year compared to 2012, which effectively weakened the price competitiveness of locally made products in the world's third-largest economy.




Citing an example, exports of tuna and gasoline-engine cars with an engine displacement of over 1.5-liters fell 25.1 percent and 15.0 percent last year vis-a-vis the previous year, KITA said. It added that shipments of alcoholic beverages such as soju and beer dropped 22.7 percent and 49.9 percent, respectively, while exports of kimchi, a fermented vegetable side dish, decreased 22.1 percent. In contrast, imports of tuna and cars made in #Japan jumped 95.5 percent and 67.4 percent, respectively, in the same period. On the tourism front, the weak yen played a role in getting more people to visit the neighboring country, while discouraging Japanese tourists from coming to South Korea.



The number of South Koreans going to #Japan jumped 20.2 percent to 2.46 million last year from 2.04 million in 2012, while inbound tourist numbers were down 21.9 percent from 3.52 million to 2.75 million. KITA said that unless there is a noticeable shift in the exchange rates, the trend in consumer goods trade and tourism will not change in the foreseeable future

 


Qatar News Agency




  MENA News Headlines
 Apr 24 2017 - Visitors scout latest developments at Cityscape Abu DhabiKhaleej Times
(MENAFN - Khaleej Times) A total of 13 countries were represented at the three-day show Visitors at Cityscape Abu Dhabi got the chance to get learn more about some of the latest developments in prime ...

 Apr 24 2017 - New medical rules, amenities for Dubai touristsKhaleej Times
(MENAFN - Khaleej Times) Dubai Health Experience aims to place the emirate as a favoured destination on the world medical tourism map Dubai aims to attract 500,000 medical tourists by 2020. "In ...

 Apr 24 2017 - UAE cashes in on digital financeKhaleej Times
(MENAFN - Khaleej Times) A spurt in digital finance in the UAE is inevitable as the country embraces the global trend of smart payment solutions. Digital finance - financial services delivered via ...

 Apr 24 2017 - UAE- Can we expect more GCC IPOs soon?Khaleej Times
(MENAFN - Khaleej Times) Firms may want to adopt a wait-and-watch approach for better cues In the past couple of years, the GCC IPO market has been hit significantly by dwindling oil prices, an ...

 Apr 24 2017 - UAE- Investors, banks will soon opt for ReitsKhaleej Times
(MENAFN - Khaleej Times) googletag.defineSlot('/1251894/Businessinarticle300x250', [300, 250],'div-gpt-ad-1479017441591-3').addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); ...

 Apr 24 2017 - Uganda ready to welcome Qatar's Islamic banksThe Peninsula
(MENAFN - The Peninsula) The Republic of Uganda, which is working aggressively to attract Qatari investors to all sectors of its booming economy, is ready to welcome Islamic banking and financial ...

 Apr 24 2017 - Qatar-Kazakhstan bilateral talkThe Peninsula
(MENAFN - The Peninsula) Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani met with the Minister of Foreign Affairs of the Republic of Kazakhstan, Kairat Abdrakhmanov ...

 Apr 24 2017 - Bahrain's Bin Faqeeh joins TLN QatarThe Peninsula
(MENAFN - The Peninsula) Bin Faqeeh Company, which operates in the Kingdom of Bahrain in real-state related investments, announced that it has officially joined The Luxury Network (TLN) Qatar. TLN ...

 Apr 24 2017 - Egypt sentences 20 to death in police killingsThe Peninsula
(MENAFN - The Peninsula) CAIRO: An Egyptian court has upheld death sentences against 20 suspected Islamists convicted of murder in the deaths of 15 people, including 11 police, during an attack on a ...

 Apr 24 2017 - Health of jailed Palestinian MP deteriorates: PanelThe Peninsula
(MENAFN - The Peninsula) RAMALLAH, Palestine: The health of hunger-striking Palestinian lawmaker Marwan Barghouti has reportedly deteriorated inside an Israeli prison, a Palestinian committee said ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help