Foreign buyers evaluated they like Korean medical device brands, but Korean brands are vulnerable in competitive edge (esp. in terms of price competitiveness) compared with Chinese ones that have been rapidly growing.
The Institute for International Trade (ITT) at KITA (Korea International Trade Association) released the survey of 563 foreign buyers, 'TRADE BRIEF'. It was designed to check their evaluation about Korean products such as agricultural and fishery products, consumer goods, machinery, electrical and electronics products, and steel products etc.
According to the survey, 69.3% of the respondents said Korean medical device brand images are better than before (excellent for 12.2%, better for 57.1%). 26.5% of respondents said they don’t have any change and 4% of them said they are worsening.
China (36.7%) is the Korean biggest competitor followed by Europe (24.5%), the USA (8.2%), the Middle East (6.1%), Central and South America (6.1%), and others (18.4%).
The respondents evaluated Korea is vulnerable in terms of price competitiveness compared with China. Electrical and electronics goods (18.5%) are the most vulnerable products followed by machinery (17.3%), consumer goods (13.3%), and medical devices (9.6%).
Especially price (28.6%) is the most important factor to be improved followed by quality (16.7%) and trust with partners (11.9%) in medical devices.
31.9% of the participants said Korean competitive edge for medical device export is stronger than before, 27.7% for ‘weaker than before’, and 40.4% for ‘no change’.
ITT said, “China is the biggest competitor for export followed by Europe and the USA. High price is a problem to compete with China. In terms of quality, the competition of the two countries is getting fierce. It’s urgent to make effort to enhance competitive edge in quality and brands, etc. and increase brand values.”
<© Korea Biomedical Review, All rights reserved.>