Menu Language

KC for Electronic Products

read more

KC EMC Certification

read more

KCs Mark

read more

KEMCO Certification

read more

Training

read more

MPR International GmbH

read more

Manufacturing sector props up South Korean economy

The Korean Institute of Industrial Trade and Economics announced the related news on May 5, 2021: South Korea ranks third in the CIP index out of 152 countries, behind Germany and China. The 2018 Competitive Industrial Performance (CIP) Index was released by the United Nations Industrial Development Organization (UNIDO) in July last year. Out of 28 major nations, South Korea ranked second in manufacturing, the institute added. The decline in South Korea’s economic growth last year was only 40 percent of the G7 average. Unemployment went up by only 15 percent compared to the G7 nations.

 

 

According to the institute, the South Korean economy did relatively well as exports from the domestic manufacturing industry went up. The Covid 19 pandemic had only a negative impact on local demand for manufactured goods, according to the institute’s evaluations. South Korean companies in semiconductors, displays and petrochemicals are market leaders in their segments and contribute the most to the country’s exports. Many of the manufacturers are well connected in international markets and have corresponding sales opportunities. However, the institute advises that the export market situation should be closely monitored, as there have been recent shifts in buyers due to the trade dispute between China and the United States.

In other news, the OECD recently upgraded its forecast for this year’s South Korean economic growth from 3.3 to 3.8 percent. High foreign demand for IT products, which account for 20 percent of exports, was highlighted here, as well as an increase in the popularity of cars made in South Korea. The Bank of Korea is even more optimistic in its forecast and even sees economic growth of 4.0 percent this year. If this target is achieved, it would be the highest growth rate since 2010.

To import or sell in South Korea, industrial products are subject to KC certification (also known as KC Mark). The KC mark or KC certificate is roughly equivalent to the European CE mark and applies to 730 different products. KC certification, or Korea Certification, is primarily about identifying and containing a potential risk to consumer health and safety. We will be pleased to provide you with non-binding advice regarding Korea Certification and would be happy to carry it out for you.

If you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs or KCs for explosion safety products, feel free to contact us any time.

Tel.: +49-69-2713769259
Email: info@korea-certification.com

Urgent questions?
Please do not hesitate to contact us via chat. You will find the chat window at the bottom right of each page (if this is not visible, please check your browser settings).

For more information you can download our free brochure “Korea Certification Made Easy – The Booklet“.

Julian Busch

About the author: Julian Busch is the founder and managing director of MPR International GmbH

Publisher: MPR International GmbH

Tel.: +49 69 271 37 69 259
E-Mail: info@korea-certification.com
Web: www.korea-certification.com/en/

Third party cookies & scripts

This website uses cookies & scripts. For optimal performance and advertisement purposes it is recommended that you agree to the use of cookies by third parties & scripts. We do not share information about your use of our website with social media.
For more information, please see our Privacy Policy and the Imprint.
Which cookies & scripts and the associated processing of your personal data do you agree to?

You can change your selection anytime under Privacy Policy .