Mauritius exports to South Korea up
Harare – Enterprise Mauritius (EM) says Mauritian exports to South Korea have increased 19 percent owing to various marketing strategies implemented by the Islander as it seeks to open new markets apart from the European Union and other traditional markets.
Figures released by EM shows that in 2014, total domestic exports from Mauritius to South Korea stood at Mauritian Rupees (Rs) 54,249,287 compared to Rs. 43,672,569 in 2009 representing an increase of 19 percent. Considering South Korea’s total imports of Rs. 515 billion in 2014, the share of Mauritius was only 0.00000329 percent.
$US1 is equal to about 36 Mauritian Rupee (Rs)
EM said its main exports to the Asian country consisted mainly of men’s shirts, women and girls’ trousers, men and boys’ trousers and white sugar.
“Heavy reliance on traditional export destinations such as France, UK and USA is proving to be risky for Mauritius, especially with the Eurozone crisis and the uncertainty regarding the renewal of the AGOA (the United States’ African Growth and Opportunity Act) treaty. Therefore, in response to global challenges, it is imperative to expand our market base,” it said.
“It is with this perspective but also considering the interest expressed by some operators from the seafood, sugar and spirits sectors that Enterprise Mauritius together with Saraholding Now & Future, a local consultant based in Seoul conducted a market survey in South Korea to investigate the potential to export selected Mauritian products to this country.”
EM is the apex trade promotion organization of the Republic of Mauritius. EM is a collaborative partnership between industry and Government to help, within an integrated framework, businesses in Mauritius expand into regional and international markets, and at the same time develop their internal capability to meet the challenges of international competition.
South Korea is the 12th largest economy in the world (by GDP) and is ranked as Asia’s fourth largest economy with a GDP per capita of about $30,000. The country’s GDP which stood at US$ 1.3 trillion in 2014, is expected to grow by 4 percent in 2015 according to the International Monetary Fund.
It is also the 26th most populous country in the world with 50.2 million inhabitants and is expected to reach 51.0 million by 2017. Moreover, 72.4 percent of the population is classified as middle class and represents a potential target for Mauritian manufacturers.