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Section II. Case Studies This Section Presents an InDepth Analysis of Ten Trade Product Groups Between Korea and ASEAN Countries

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Section II. Case Studies This Section Presents an In�Depth Analysis of Ten Trade Product Groups Between Korea and ASEAN Countries Section II. Case Studies This section presents an in-depth analysis of ten trade product groups between Korea and ASEAN countries. The trade products were selected based on an analysis of statistical data, by comparing the following factors: ● ASEAN products exported to the world with the high values and volumes; ● Products from the world exported to Korea with the high values and volumes; and ● Products from ASEAN countries exported to Korea in comparatively small values and volumes. The analysis identified the ASEAN products with the greatest possible potential to enter the Korean market. Many ASEAN products are exported to the world, but some of these items enter Korea in relatively small volume. On the other hand, world products are exported to Korea in relatively huge volumes. The case studies makes a detailed comparison of these products using these factors, and conclusions emerge on the potential of ASEAN products in being competitively exported to Korea, compared to other products entering Korea from other countries. The product groups are as follows: ● Confectionary● Toys and sports equipment ● Fishery products (shrimps and crabs) ● Jewelry ● Beer and beverages ● Home textiles ● Coffee ● Aromatic products ● Lighting fixtures ● Furniture (seats) The case study of each product group proceeds with the analysis based on the following outline: 1. Market conditions in Korea 2. Trends in trade 3. Key considerations in exporting to Korea 4. Customs duties and taxes 5. List of major importers and trade exhibitions in Korea 64 111 Confectionery 1. Market conditions in Korea (1) Definition of category In 2006, ASEAN's total exports of confectionery commodities under HS Codes 1704, 1905 and 2106 amounted to $245,527,000 (up 35% from 2005), $518,024,000 (up 14.8%), and $828,377,000 (down 1%), respectively. As of 2008, ASEAN exports of these products to Korea reached $8,533,000 (up 123.2% from 2007), $14,673,000 (down 4.3%), and $21,257,000 (up 33.4%), respectively. Table 67 Exports of Confectionery Commodities (Unit: $ thousands) Class. ASEAN to the World ASEAN to Korea World to Korea HS Code (2006) (2008) (2008) 1704 245,527 8,533 63,706 1905 518,024 14,673 152,792 2106 828,377 21,257 440,651 Source: ITC, Korea International Trade Association This report deals with sugar confectionery, including chewing gum, as defined in the HS Code 1704, bread and cookies under the HS Code 1905, as well as miscellaneous food preparations such as Bean-Curd and butter preparations under the HS Code 2106. Table 68 shows the classification criteria of these HS Codes. Table 68 Confectionery Commodity Classification HS CODE Commodity Description 1704.100000 Chewing gum Sugar Confectionery 1704.90.1000-9000 Others(Caramel, Candies, Crackers, Popcorn, etc.) 1905.100000 Crisp bread 1905.200000 Ginger bread Bread and Cookies 1905.310000-320000 Sweet biscuits, Waffles, Wafers 1905.9010.10-90 Other bakers' wares 2106.101000 Bean-Curd 2106.9090.10-23 Coffee creamer and butter preparations Miscellaneous Food Preparations Royal jelly, Honey preparations and others 2106.90909.1-9 (Pizza dough, Artificial shark's fin, Artificial cheese, etc.) Source: Korea International Trade Association (KITA) (2) Market conditions Confectionery market trends The size of the Korean confectionery market was estimated at $1.8 billion as of 2007. Biscuits, including cookies and crackers, accounted for the largest portion, with their market size worth about $600 million. The other sectors were estimated to be worth $200 million for pies, $400 million for snacks, $300 million for chewing gums, $200 million for candies, and $100 million for the rest. The principal market leaders are Lotte Confectionery Co., Orion Confectionery Co., Haitai Confectionery Co., and Crown Confectionery Co. They are followed by Nong Shim and Sam Lip General Foods Co. Figure 21 Status of the Korean Korea's confectionery business has Confectionery Market recently been in the doldrums, although some sectors registered slight growth. This unsatisfactory performance may be attributable to the economic downturn and a number of other unfavorable developments, including toxicity controversy caused by melamine-tainted products, and decreasing demand for confectionery commodities related with the nation's low birth rate. Candies, gums and caramels are making little progress Source: Korea Foods Yearbook, 2008 in sales promotion, while snacks, biscuits, cookies, crackers and pies are showing an upward trend. Sales of pies, which have chocolate or cacao as main ingredients, are increasing, which may be explained by growth in the number of consumers who want to relieve themselves of fatigue and stress by tasting sweet things. Also noteworthy is the release of quite a few snacks and biscuits made of corn, potatoes or sweet potatoes that are healthy and free of harmful elements. Related markets are expanding, riding on the well-being trend of health-conscious consumers. The key to this success appears to be the level-up strategy designed to enhance the quality of products through the use of well-being materials. In contrast, chewing gums, candies and caramels are showing a downward trend, amid concerns about high sugar content. However, markets for functional gums and candies that are said to have the effect of removing bad mouth odor or preventing tooth decay are steadily expanding. These developments indicate that success in related markets will depend on the release of easy-to-eat and functional products. 66 To ensure growth of the entire confectionery market, it is necessary to explore niche markets through the release of new products that can meet the health-conscious trend. Manufacturers are required to develop products designed for women and middle-aged and elderly people while reducing their excessive reliance on goods for younger generations and children. It is also necessary to develop markets for functional premium products. In a related development, the prices of wheat, corn and other grains as well as butter and powdered milk are on the rise. Amid this situation, it is of particular concern whether the confectionery industry will increase the price of their products. Children and young boys and girls, the main consumers of confectionery goods, are very sensitive to price. So, manufacturers are coping with the situation by reducing product weight while freezing the price. This move alone cannot fully offset the burden caused by the price hikes of raw materials. So, it remains to be seen what steps the confectionery industry will take. One of the characteristics of the Korean confectionery market is the existence of products that have maintained their market-leader status for up to scores of years. Good examples are Choco Pie, Saewookkang, Ace, Kkokkal Corn and Jollypong, whose separate market shares have stayed in the top range for 20 to 30 years. This is quite a unique phenomenon, similar cases of which cannot be found worldwide, especially in food markets where consumer trends rapidly change. The greatest reason for these products enjoying longevity in the Korean market does not lie in their taste or price. It rather lies in their nostalgic marketing strategy that makes consumers recall their childhood days, thus eliciting their loyalty. Another important reason is that during recession. consumers tend to choose products with proven records rather than new goods. Also, these products have high recognition levels, making it possible for manufacturers to save on advertising and marketing costs and eventually, to enhance their competitive edge. Practically speaking, it is quite difficult to break the strongholds of these products. Therefore, it would be better for any foreign confectionery manufacturer trying to enter the Korean market to check whether their products overlap with these Korean products in target markets. Bread market trends The Korean bread market is estimated to have the size of about $2.6 billion. It is comprised of manufacturers of mass-produced bread whose market size is about $700 million, franchised bakeries with the market size of $1.1 billion, and self-employed bakeries whose sector is estimated to be worth $800 million. Affected by the well-being trend enthusiastically followed by the entire Korean society, the prevailing trend in the domestic 67 bread market is emphasis on "health-promoting" breads that are made of organic agricultural products like home-grown wheat or corn. Also gaining popularity among consumers are breads that are made by using oligosaccharides instead of sugar and fruit sugar. Another element of importance is growing preference for additive-free bread freshly baked at bakeries over packaged mass-produced bread. In this regard, prospects for bakery businesses appear particularly bright. Figure 22 Status of the Korean Bread In a related development, the mass-produced Market bread sector has recently released premium-class products using high-quality packaging in an effort to address the problem of consumers regarding its products as cheap ones. It is also trying to regain consumer trust by clearly stating the fact if its bread products contain trans fat contents. It merits attention whether the sector can gain its desired effects through these measures. Source: Korea Foods Yearbook, 2008 The bakery industry is facing an unfavorable development of rising prices of flour and other major bakery ingredients. Overcoming this difficulty is a prerequisite to ensuring the industry's future growth. Another important factor will be whether the industry can continue to meet the needs of consumers by steadily putting on the market new products, including well-being and premium goods. Amid these developments, polarization is occurring in the local confectionery and bread markets. The recent business slowdown has prompted some makers to reduce the weight of their products, lowering the price instead. The number of items that hold just for one person is also increasing. Practical items like these are becoming increasingly popular. Meanwhile, there are cookies which are made of natural materials raised through organic farming, and free of any artificial additive.
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