(SEOUL=NEWSIS) The weak yen continues to attack the price competitiveness of Korean products. Nonetheless, foreign buyers still prefer Korean products due to their excellent quality, according to a survey conducted by the Korea Trade-Investment Promotion Agency (KOTRA), at the request of NEWSIS, on the competitiveness of Korean products in the global market. The survey was given to 100 buyers (89 responded) from 34 countries, including the United States, Japan and China, from October 31 to November 10.

To the question “Are you planning to purchase more Korean products?” 52.3 percent of the respondents (plural responses) said they would maintain the status quo while 50 percent said they planned to increase their purchases.”

No one said they would substantially reduce their transaction amount. Considering recent changes in the foreign exchange market and its risks, 3.4 percent said they would slightly reduce their transaction amount.

This is due to the high degree of buyer satisfaction with Korean products in the global market.

Regarding satisfaction with Korean products, 60.7 percent of foreign buyers said they were satisfied, 28.1 percent said they were very satisfied and 7.9 percent said they were somewhat satisfied.

Products highly preferred by foreign buyers include electronics, machinery and automobiles.

When asked which Korean products buyers wished or planned to purchase, 36 percent of the respondents said electronic goods, followed by machinery (22.5 percent), automobiles (20.2 percent) and information technology (IT) (7.9 percent).

When asked which Korean sector is the most competitive, 40.9 percent of the respondents said electronic goods. Automobile and parts followed (27.3 percent), as did machinery (17.1 percent), consumer goods, medical supplies, cosmetics and other (15.9 percent) and IT (13.6 percent).

"The result of the survey is due to the improved brand image of Korean companies and their increased recognition in both emerging and advanced markets," said Chief Researcher Oh Se-hwan of the Institute for International Trade.

shoon@newsis.com