Ukrainian diplomats forecast 20 percent increase in exports to South Korea

Ukrainian diplomats forecast 20 percent increase in exports to South Korea

The Embassy of Ukraine in the Republic of Korea forecasts a 20 percent increase in Ukrainian exports to this country and equalization of the negative trade balance which currently stands at $15 million.

As Ukrinform reports with reference to the press service of the Ministry of Foreign Affairs, this was discussed at the online seminar "Prospects for Ukraine’s exports to South Korea amid consumer market changes due to COVID-19."

According to the latest trends in Ukraine-Korea trade, the turnover is growing every year. Currently, the most dynamic commodity is Ukrainian grain: its share in Ukraine’s exports increases annually both in percentage (from 53.6% to 85.9% over the past three years) and in monetary terms (from $176 to $280 million over the past three years).

"According to the forecast of the Embassy of Ukraine in the Republic of Korea, Ukraine will equalize the balance of trade with this country, and exports will increase by 20%, despite COVID-19, at year-end 2020," the statement reads.

According to Ambassador of Ukraine to the Republic of Korea Oleksandr Horin, the Korean food market is extremely competitive but promising for Ukrainian producers. In particular, the market of various sauces is interesting as Koreans traditionally add them to rice in large quantities.

According to the State Statistics Service, Ukraine’s exports to the Republic of Korea totalled $327 million for the nine months of this year, the imports to Ukraine - $342 million.


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