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  • KITA Held O2O 'K-Consumer Goods and Exports Fair' in Colombia
    2021-06-02 hit 292

    KITA Held O2O 'K-Consumer Goods and Exports Fair' in Colombia

     

    - 200 buyers from 17 countries in Latin America participated... 1,000 B2B meetings were carried out, “Realized the popularity of K-beauty-centered Korean Wave in Latin America” -

     

    The 'K-Consumer Goods and Exports Fair' took place in Colombia, the fourth largest economy in Latin America, for the first time since the outbreak of COVID-19.

     

    The Korea International Trade Association (Chairman: Christopher Koo) announced that the organization and the Ministry of SMEs and Startups co-hosted online to offline (O2O) exhibition and consultation meetings at COEX in Seoul and the Corferias Convention Center in Bogota, Colombia simultaneously for two days from June 1st. This year, 61 Korean companies participated in the event and carried out meetings with 200 buyers and 400 consumers from 17 countries in Latin America, such as Colombia, Mexico, Brazil, and Chile. Buyers and consumers had opportunities to test the products on display at the large-scale exhibition halls, and online meetings were held in real time by connecting the Bogota event hall and the COEX video conference center.

     

    According to the Korea International Trade Association, Colombia is the third largest country in Latin America in terms of population and the fourth biggest when it comes to gross domestic product (GDP). In particular, Colombia has emerged as a promising new market for the exporters of Korean consumer goods as K-Wave, including Korean dramas, cosmetics and music, is becoming widely popular despite the COVID-19 pandemic.

     

    The Korea International Trade Association shipped 11,500 units of 310 products two months ahead of the event and set up the exhibition booths in the 4,000 square meter exhibition hall. Local professional sales representatives (MDs) were in charge of booth operation, product presentation, and sample sales on behalf of Korean companies. For more in-depth business-to-business (B2B) consultations, participants communicated with the staff from the exporters in Korea via the video conference system set up in each booth. Social media influencers and celebrities from Colombia, Brazil and Mexico experienced the products and promoted them through their social media channels, and livestreamed exhibitions and conferences. Due to the time difference, Korean participating companies conducted export consultations all night long. According to the Korea International Trade Association, more than 1,000 B2B consultations were held during the event.

     

    Among the buyers who participated in the conference, there were large buyers such as Coto, a supermarket chain company with the largest distribution center in Argentina, Vasconia, which distributes and sells more than 2,000 products in Mexico, and Supermercados Peruanos, a leading supermarket chain in Peru.

     

    The participants, including Korean companies, overseas companies and consumers were highly satisfied with the event. Kwon Soon-wook, director of SPES, a hair pack manufacturing company, said, “Due to COVID-19, it was difficult to find new buyers, or even though we had video conferences through the export support project, we were not able to experience the product in person, so it was not easy to see the results. In contrast, I feel like I had a face-to-face consultation through this O2O event,” and expressed, “We realized the popularity of the K-wave in the region and we plan to take this opportunity to actively participate in making inroads into the Latin American market.”

     

    On the other hand, the Institute for International Trade of the Korea International Trade Association issued a report titled 'An Analysis of Columbian Consumer Market' on June 3rd and stated, “Colombia has seen demand for imported food, beverages, clothes and cosmetics increase by 3.5 percent point over the past five years,” and added, “In particular, exports of cosmetics, which are expected to be tariff-free from 2022 according to the Korea-Colombia FTA, are rapidly increasing and Korean companies are required to pay attention.”

     

    Kim Hyun-chul, head of the Global Marketing Group at the Korea International Trade Association, said, “Colombia is expected to have the highest economic growth rate by 2025 among the top five Latin American GDP countries,” and stressed, “In particular, we will actively support small and medium-sized exporters in making inroads into new markets by seeking ways to cooperate with major local online platforms, especially in Latin American countries where the e-commerce sales is expanding.” 

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