U.S. Buyers More Willing to Buy Korean Textiles After FTA

Some 55 percent of American buyers currently purchasing textiles made in China and Vietnam are willing to buy Korean products once the Korea-U.S. FTA takes effect, according to a poll.

The Korea Trade-Investment Promotion Agency (KOTRA) announced on April 15 that this was the result of their survey conducted through their office in New York and North America headquarters on 123 buyer firms (76 fabric buyers and 47 apparel buyers) located near New York.

Among the respondents, 80 percent of fabric importers responded that they would increase their purchases of Korean textiles if the agreement comes into effect. Similarly, 45 percent of clothing buyers said that they would raise their importation of Korean products by as much as 10 percent, while another 27 percent answered that they would be willing to boost their Korean imports by more than 50 percent.

Asked for the main reasons why they prefer Korean products, the respondents chose: the markdown according to the elimination of tariffs; better quality; better customer service; compliance with delivery deadlines; and characteristic items.

American buyers also answered that Korean companies can take the FTA as a chance to break into the currently Japanese-dominated portion of the textiles market.

“American buyers are looking forward to the abolishment of tariffs on Korean textile products. In order to expand our share in the American market, we also need to occupy the emerging environment-friendly market before others,” said Jang Yong-hoon, deputy director of KOTRA New York.

buddy@donga.com