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Nearly 30 percent of South Korean companies worry that intensifying currency volatility will negatively affect their exports this year, a survey showed Thursday.
According to the survey of 654 local companies by the Korea International Trade Association (KITA), 27 percent expressed concerns over more currency fluctuations that could weigh down their exports. A weak yen, in particular, was cited as a serious threat to their overseas sales outlooks.
Of those surveyed, 34.9 percent said that they have to compete against Japanese rivals in the global market, with 71.2 percent expecting a weak yen to translate into a drop in their product prices.
Of those having to compete with Japanese companies, 46.7 percent said that their exports would shrink if a weak yen leads to such price cuts, the survey showed.
"There are a number of coexisting risk factors in our trade conditions in 2015, such as the U.S. move to hike interest rates, slowing growth in China and the continued depreciation of the yen," a KITA researcher said.
"In response to potential global risks, companies need to strengthen their competitiveness through many ways, including expanding investment, venturing out into new markets and utilizing free trade agreements." (Yonhap)
According to the survey of 654 local companies by the Korea International Trade Association (KITA), 27 percent expressed concerns over more currency fluctuations that could weigh down their exports. A weak yen, in particular, was cited as a serious threat to their overseas sales outlooks.
Of those surveyed, 34.9 percent said that they have to compete against Japanese rivals in the global market, with 71.2 percent expecting a weak yen to translate into a drop in their product prices.
Of those having to compete with Japanese companies, 46.7 percent said that their exports would shrink if a weak yen leads to such price cuts, the survey showed.
"There are a number of coexisting risk factors in our trade conditions in 2015, such as the U.S. move to hike interest rates, slowing growth in China and the continued depreciation of the yen," a KITA researcher said.
"In response to potential global risks, companies need to strengthen their competitiveness through many ways, including expanding investment, venturing out into new markets and utilizing free trade agreements." (Yonhap)
