Korean kitchen ware is selling out and is likely to be the last of its kind for the next few years, leading to an increase in the demand for Indian kitchenware.
The Korean Kitchenware Industry Association (KKIJA) said its members were forced to sell Korean kitchenwear because of the high price.
The association has been pushing for a change in the way Korea imports foreign kitchenware for more than a decade, citing the need to keep up with global demand and reduce its production costs.
In the past decade, Korean manufacturers have sold their products abroad for a mere $15.KKIKA chairman, Kim Jae-suk, said Korean companies are not in a position to compete with Indian manufacturers on the world market.
He said the industry had already reached the limit of its capabilities and could not continue to produce as many products as before.
“We are facing an increasing pressure from domestic consumers.
The situation is getting worse,” he said.
The KKIJA, which has representatives from over 10,000 businesses across Asia, Africa, and Europe, is urging all the major Korean manufacturers to take stock of their production capacity.
“The industry will have to reduce the number of products it makes, which will require an increase of the output of the Korean industry,” he added.
Korean manufacturers of kitchenware, such as Yoyo, KIK, KSI, KIL, and many others, are in a precarious situation, with little choice but to continue producing the products, Kim said.
“This is not the end of the story,” he told PTI.
“We need to improve the quality of the products as well as the manufacturing process.”
The industry association is pushing for increased export controls, higher tariff rates, and more stringent environmental requirements.
It is also demanding that Korean manufacturers get more input into the supply chain, and increase production costs for domestic buyers.
This could also reduce demand for imported goods in the country, as the supply of imported products is increasing, the association said.
“We believe that a change is necessary in the domestic manufacturing process to reduce prices,” Kim said, pointing to the need for increased tariffs on imported goods.
Even though the Korean government is in favour of the import of foreign kitchenwares, the government is not in favour to introduce import controls.
“In the end, the decision should be made on the market,” he warned.