June 2010 - Posts

• South Korea: a Leader in Information Technology and Global Trade

  One unfamiliar with the Republic of Korea, or South Korea as it is more commonly known, may immediately associate the country with its short yet significant war against its neighbor to the north in the 1950s. More than half a century later, South Korea stands strong as one of the powerful Asian Tigers in the global trade arena, a presidential republic presently ranked among the top ten exporters in the world. With over 300 billion dollars of export revenue recorded in 2009, this tiny country does an enormous business in technology and transportation industries that effect how the world moves and works daily.   The Miracle on the Han River   Once a destitute area held under Japanese imperial rule, then split from North Korea after World War II, South Korea underwent major growth beginning in the 1960s through rapid industrialization and democratization. Through drastic measures that included conservative spending of government budgets, improvement of education, and expansion of agricultural mechanization, South Korea saw an impressive rise in their gross national product over the next thirty years. By 1989, the country prepared to enter the next decade with an impressive GNP of over 200 billion dollars, 68 times the total from the early 1960s!     Today, this complete free democracy is known as one of the top exporters to the United States, particularly in the technology and automotive sectors. If you own a Hyundai Elantra or Accent, you are driving a South Korea import. In fact, you may have a number of items in your home or office that come from this emerging Asian economy.   Flatscreen Televisions: as the world's largest manufacturer of LCD, OLED, and plasma screens, South Korea keeps up with the growing global demand for high definition television. The Samsung Group, maker of the popular brand, is based in Seoul. Automobiles: Not only is Hyundai the top automaker in South Korea, it is the second largest car manufacturer in Asia, and presently one of the top companies in terms of actual cars sold. Other makes originating from this country include Kia and Daewoo. Shipbuilding: The materials needs to build the ships that carry cargo for global trade are made in the ports of this country. South Korea is perhaps the largest provider of the raw steel and other items needed to keep maritime commerce running smoothly. Mobile Communication and Electronics: Do you own an LG phone? If so, you own a product from this country's second-largest telecommunications company. This multi-faceted business also produces popular electronics, including DVD and Blu-Ray players, Flash memory drives, and laptops.   It may surprise you to realize that many household items you feel you cannot do without come not from Japan or China, but this major economic giant. Given their amazing growth over the latter half of the twentieth century, and higher projected numbers in the decades to come, one might expect South Korea to eclipse her neighbors in the IT industry. So long as the global demand for faster and quicker ways of communication remains high, it's safe to bet the telecom conglomerates of South Korea will emerge to the forefront of new innovations.   Posted Jun 22 2010, 08:10 PM by admin Filed under: Global Trade, South Korea, IT Products, Asian Tigers, Automobiles

• Made in Hong Kong: Top Exports in the Global Trade Market

  For centuries Hong Kong has been known for its desirable coastal location, and to this day it is regarded as one of the world's top bases in the financial world. Highly populated with currency that is traded worldwide, Hong Kong enjoys low taxes and free trade in a variety of industries. The success of this region in business is due partly to a healthy economy fueled by exports, with mainland China, Japan, and the United States serving as their major buyers. Businesses interested in acquiring quality product at a good price often look to Hong Kong to stock their inventories.     When layman thinks of Asian exports to the United States, one is likely to assume the majority of products shipped into American ports are electronics and computer-related. It is true that in 2007 this region shipped over half a billion dollars' worth of telecommunications equipment, computer accessories, and similar items, yet Hong Kong provides the world much more. Hong Kong doesn't necessarily limit trade to the United States, either: in 2009, the region ranked third among trade partners with China, and accounted for nearly three percent of total global exports among the leading manufacturing nations.   In 2009, Hong Kong's gross domestic product (GDP) enjoyed a growth rate of 2.4%, with the total value of their goods and services trade equivalent to more than 400% of their GDP. Presently, their GDP is worth over 200 billion dollars of the overall global trade economy.   Everyday items in your home, and the materials needed to make them, might have just come from Hong Kong.   Precious Metals - The demand for gold and silver is always strong, and those who specialize in bullion trading are looking more to Hong Kong for these types of currencies Ferrous Alloying Materials - Such raw metals, which are iron-based, are sought after for their flexibility and durability. Importers seek un-manufactured stainless steels, cast irons, and carbon steels in bulk which are then shipped to domestic plants to create household items or construction goods. Food Processing Machinery - Hong Kong is hardly an agricultural region, yet the equipment they produce is used to help companies around the world process and package foods. Hair - While an unusual product to consider exporting, demand for hair from Hong Kong is rising steadily since 2006. Hair is used for wig and toupee production, hair and braid extensions, and similar pieces.   Of the "Asian Tigers," powerhouses of the East in global trade, Hong Kong is one worth watching if you rely on foreign trade for the success of your business. For importers, this region represents one of the most financially secure in the world, with millions of dollars monthly exchanged in various goods. Connecting with Hong Kong companies through a reliable global trade site or supply chain network can put you in touch with the product you need at a cost that suits your budget. Posted Jun 04 2010, 07:36 PM by admin Filed under: Global Trade, Exports, East Asian Tigers, Hong Kong