South Korea – Business as usual

The economy of the East might be of little concern to you, but it’s very interesting to dip in every once in a while and take a look at what business is going on there. I mean, if you think about it, the chances are you own a product made by a South Korean company. Look at your television. There’s a very good chance it’s made by a company from South Korea.

South Korea is in the top 15 of the world’s largest economies and doesn’t show any sign of slowing down. Aside from a few slumps over the years, business in South Korea has steadily increased. And this is mainly because of their export market.

One of the main exports is white goods. Domestic appliances are something every home needs and uses. And two of South Korea’s largest companies provide them in abundance. Samsung and LG make everything but the kitchen sink. Given half a chance, they’d probably make kitchen sinks too.

However, is in no small part to popular demand for other goods such as mobile phones and high definition televisions. Phones account for 2.4% of exports, whereas around 6% goes to liquid crystal devices (such as televisions and computer monitors). 

The fact that these goods are becoming more and more affordable only increases the demand for them. A Samsung washing machine can cost as little as £260.00, whilst an LG American style fridge freezer (often a very expensive item), can cost less than £700 now.
With the Western economy in recession, it stands to reason that Eastern economy is rightfully taking up some of the slack and providing the goods we needs at prices we can afford.




Author Bio:
This post was written by Halit Bozdogan, a writer for Appliances Online, a UK online white goods retail company.

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