Many parts of the world have been affected by COVID-19, especially the eastern hemisphere of the world. The South Korean Government has done significant work to contain the disease. They have imposed strict social distancing rules instead of lockdown. Korean society and daily life has changed quite a bit. They’ve installed hand sanitizer dispensers everywhere, the majority of people wear masks in public, and thermal cameras are installed at the entrance of buildings and hotels to check visitors’ temperature. With the social distancing in South Korea, the COVID-19 growth rate has significantly slowed and life seems to be going on with some sense of normalcy.
Similar to the U.S., there have been negative effects of COVID-19 on the South Korean economy. But there are some industries where they see growth areas in spite of the virus.
“Some industries have new opportunities and due to the COVID-19 outbreaks. The Food, Gaming, IT and Healthcare industries have experienced increase demand due to reduced external activities of consumers. Self quarantine has changed people’s lifestyle and consumption culture. Demand and sales are on the rise in the food industry, especially manufacturers of instant noodles, snacks and convenience store products. Health functional foods and healthcare related products are also expected to increase in demand, even after the COVID-19 outbreak, because many people now have a greater concern for their health.”
Our office in South Korea is following the advice of health officials and taking appropriate precautions in the workplace. They continue to support Export Delaware and Delaware small businesses by providing market insight, virtual meetings and more. They have analyzed the market to provide insight on opportunities for Delaware exporters.
“As Bio Big Data is built and digital technology is converged in the bio-healthcare field, Smart Healthcare is expected to spread further. In particular, AI is expected to contribute to improving the supply efficiency and patient care of the smart healthcare ecosystem globally.”
Our team in South Korea has created a slide deck to share market and industry news. This resource is intended to give you insight on the challenges and opportunities South Korean businesses face right now. You’ll get a glimpse of what daily life looks like there, and the measures taken to stop the spread. In addition, you will find helpful market forecast information by industry and the affect COVID-19 has had on the nation’s supply chains.
“The spreading Coronavirus is sowing the seeds of a broad transformation of the global supply chains these days. For many global companies, the COVID-19 crisis has highlighted the downside of their dependency on China. Before the COVID-19 outbreak, the company could possibly place an order and have it confirmed within three to four days.”
Read the full report from South Korea here.