South Korean companies are gearing up to ink export deals totaling $30 million at a key business event tied to the upcoming Asia-Pacific Economic Cooperation (APEC) summit. The Korea Trade-Investment Promotion Agency (KOTRA) announced this on Wednesday, highlighting fresh opportunities for trade in the region.
The two-day Korea-APEC Business Partnership kicked off Wednesday in Gyeongju, a city about 330 kilometers southeast of Seoul. It draws around 500 companies from South Korea and abroad, focusing on deals for consumer goods, AI-powered road safety services, educational devices, and heavy machinery parts. KOTRA says the event also opens doors for Korean firms to team up with international partners on trade, supply chains, and infrastructure projects.
Looking ahead, KOTRA plans more events like the Export Boom-up Korea and Invest Korea Summit to build momentum for the main APEC summit in Gyeongju from October 31 to November 1.
Shifting to the retail scene, South Korean retailers posted a 3.7% sales boost in August compared to the previous year, even as big discount stores struggled. Data released Wednesday shows major offline retailers saw a 3.1% drop last month, reversing a 2.7% gain from July.
Online sales, however, soared 10.5% on major platforms, keeping up strong growth since the start of the year. The trade ministry points to slumping sales in food at large and mid-sized stores as a drag on overall figures. Discount chains missed out on pre-Chuseok holiday shopping spikes, with this year’s holiday falling later—from October 5 to 8—than last year’s.
On a brighter note, convenience stores notched a 1.1% sales rise, boosted by government-issued “consumption coupons” from July aimed at sparking consumer spending. Department stores climbed 2.8%, thanks in part to fashion sales rebounding after August’s heat waves.
Online, food products jumped 16.3%, cosmetics 13.5%, and services 18.1%, showing e-commerce’s resilience in South Korea’s retail market.
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