South Korea International Marketing Essay
South Korea is a market of many opportunities for experienced US companies, because South Korea is seventh largest export market of America. Furthermore, South Korea is the 6th largest trading partner as well as the 5th largest parner dealing with agricultural products. South Korea is famous also for its high technology goods. South Korea is situated between Japan and China and thus it is well integrated in both markets. For example, China is the largest export market of South Korea.
However, the growth of GDP slowed down in 2003 and was estimated at the rate of 3. 1. Nevertheless, the economic development is expected to increase and GDP growth is expected to be at the rate of 5. 5. South Korea has opportunities in exporting good due to improvements in economic situation in the global scale. Domestic demand is recovering and ensures certain balance to Korean export. Therefore, growth in domestic demand and economic growth provides lots of opportunities for US companies and allows them to sell goods in Korean market.
Nevertheless, challenges are present, because South Korea has been pressed for many years because of relationships with North Korea. It is known that North Korea had programs to nuclear weapon developments.
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Nevertheless, the life of citizens has to be improved. It is known that Chile is famous for exporting extracted materials such as timber and copper. One-third of Chile’s export is metal products, especially refined and unrefined metal ores. Chile is one of the important export partners of USA. Actually companies US companies may be interested in importing industrial goods, fossil fuels and transportation equipment due to increased needs in energy generation.
Though the country has improvements in economic, social and political issues, there are obstacles put before Chile and it is difficult to emerge on the world stage. (Baldwin et al. 2006).
References Baldwin, R. , Mary, R. , Zook, C. , Zunin, M. (2006). Chile: Promises, Opportunities and Challenges. Chile Country Report, 1-27. Chile: Economic Trends. (2004). Retrieved November 2, 2006, from http://www. buyusa. gov/korea/en/economictrends. html.