South Korea has expanded its products' presence in Brazil, the biggest economy
in Central and South America, in recent years, a report showed
Tuesday.
The report by the Korea International Trade Association
(KITA) said that South Korean products' market share in the Latin American
country logged 4.5 percent in 2011, up from 2.8 percent in 2007 on the back of a
31.3 percent increase in South Korea's exports to Brazil.
In terms of
market share, South Korea took fifth among other countries in Brazil in 2011, up
four notches from ninth in 2007.
KITA predicted Brazil will give South
Korean companies opportunities to expand their outbound shipments as the country
is expected to experience an economic recovery after the 2014 World Cup and the
2016 Summer Olympics.
The association said South Korean companies will
have a competitive edge in automobiles, consumer goods, construction, IT and
energy sectors when they vie with their rivals in the Brazilian
market.
Automobiles and the auto parts industry will become the most
promising sectors for South Korean companies, it said, citing Brazil becoming
the world's fourth largest auto market last year with 3.63 million vehicles sold
in the country and the seventh largest auto producer last year with the
production of 3.41 million units.
In addition, chances are very high
that the consumer goods, IT and construction industries will sharply grow in
Brazil ahead of the large-scale global sports events, KITA said.