Although the COVID-19 crisis has had a largely negative impact on the global business sentiment, there have been a few positives as well
- For instance, the coronavirus pandemic has opened up several opportunities for importers and exporters around the world
- The medical product industry has been one of the few sectors that have benefitted from the crisis
- The export of products like masks, personal protective equipment (PPE) kits, face shields, and hand sanitizers have increased at a rapid pace
In order to make the most of this market opportunity, South Korea has been looking to ramp up the exports of thermal products
- Historically, countries such as China used to be the dominant force in terms of exporting thermal products
- This was due to the advancements in technology and the low cost of labour in the Asian nation
- However, the crisis originated in China, and it has had a negative impact on Chinese exports
- South Korea is looking to exploit this opportunity by increasing exports of personal thermal products such as temperature checking devices as well as heavy equipment like thermal scanners
This blog discusses the key characteristics of South Korea’s push for the export of thermal products and other related items
Increasing Export of Thermal Products from South Korea
There are numerous manufacturers and exporters of thermal products based in South Korea
- These players have been active in the international trade market for a long time, even before the COVID-19 crisis began
- However, the advent of the crisis has meant that these players are looking to ramp up their production and increase the exports to other countries
- Since China’s manufacturing capabilities have been restricted, South Korea is stepping in to capture the market share in terms of exports
For instance, a Korean technology company known as Alchera has designed new thermal scanning products that are based on artificial intelligence (AI)
- These products are already being exported to countries like the US
- The products have the ability to use AI in order to test the body temperature of a person who has been scanned by it
Other leading companies in the Asian country are also looking to ensure that they are able to make the most of the market opportunities presented by COVID-19
- In fact, Korean exports to the US within the medical equipment space are not limited to thermal products
- The country is also exporting other products such as face masks and face shields
- Testing kits made in Korea are also being exported on a large scale. According to estimates, five local biotech firms in the country have already exported testing kits worth nearly $50 million
- Korean exporters also targeting other nations such as India, where the demand for thermal products and testing kits has been extremely high
Overall, Korea is ensuring that it is well-placed in terms of exporting medical and thermal equipment. The country’s manufacturing capabilities have been strengthened. There is a particular focus on thermal products and scanners in order to meet the global demand
To conclude, it is clear that the export of thermal products from South Korea has been increasing at a rapid pace. Institutions such as Euro Exim Bank offer customized support to traders in the form of financial instruments and bespoke trade advisory services. Euro Exim Bank offers financial instruments such as Bank Guarantees and Letters of Credit (LCs). Further information about Euro Exim Bank and its key product offerings is available here.
