S. Korean firms to sign $30 million export deals at APEC summit

Seoul, Sep 24 (IANS) South Korean companies are set to sign export deals worth a combined $30 million during a business partnership event being held in connection to the upcoming Asia-Pacific Economic Cooperation (APEC) summit, the Korea Trade-Investment Promotion Agency (KOTRA) said on Wednesday.

The deals are expected to be signed during the two-day Korea-APEC Business Partnership that kicked off earlier Wednesday in Gyeongju, about 330 kilometers southeast of Seoul, bringing together some 500 companies from here and abroad, according to KOTRA, reports Yonhap news agency.

They include exports of consumer goods, road safety information service powered by artificial intelligence (AI), educational communication devices and heavy machinery components.

The business partnership event will also provide opportunities for Korean companies to discuss collaboration with foreign companies in trade, supply chains and infrastructure, KOTRA explained.

KOTRA said it plans to host additional business events, such as Export Boom-up Korea and Invest Korea Summit, in connection with the APEC summit set to take place in Gyeongju from Oct. 31 to Nov. 1.

Meanwhile, South Korean retailers saw their sales increase 3.7 percent from a year earlier in August, despite a sales drop at large-to-mid-sized discount stores, data showed on Wednesday.

Major offline retail companies saw their sales decline 3.1 percent on-year last month after posting an on-year increase of 2.7 percent in July.

Sales on major online platforms, on the other hand, jumped 10.5 percent over the cited period, continuing a robust growth trend since January.

The ministry said sales declines from large and medium-sized retail stores, particularly in the food category, limited the rise in total sales of major South Korean retailers. Discount stores were unable to capitalize on a surge in demand ahead of the Chuseok holiday, the ministry added.

This year's Chuseok holiday will run from Oct. 5 to 8, more than two weeks later than last year.

In the offline sector, sales at convenience stores rose 1.1 percent on-year thanks to the government's "consumption coupons" issued in July to stimulate private consumption.

Sales at department stores advanced 2.8 percent on-year, partly due to growth in the fashion category, which was affected by heat waves that gripped the country last month.

In the online sector, sales of food products, cosmetics and services jumped 16.3 percent, 13.5 percent and 18.1 percent, respectively.

--IANS

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