U.S. tariffs last year have dragged down the total volume of South Korea's washing machine exports....but Korean firms did well in defending their share of the American washer market.
Our Choi Si-young explains.
In February last year, the U.S. imposed heavy tariffs on foreign washing machines to protect its domestic manufacturers such as Whirlpool Corporation.
Samsung and LG Electronics, which top the U.S. washer market, suffered a blow to their exports last year.
According to Korea International Trade Association, the two companies' exports to the US last year were roughly two-hundred-million U.S. dollars, down by forty-four percent from the previous year.
But, their market share in the U.S. last year recorded a one-percent jump..., retaining their top spots in the U.S. washing machine market with a combined 37-percent market share.
That was possible because the two tech-giants increased production in their South Carolina and Tennessee plants to meet local demand.
Another reason is that the two companies continue to have success in selling premium appliances, increasing total sales.
However, industry experts caution that operating factories abroad will lead to fewer domestic jobs.
The Korea International Trade Association said that in 2017, almost 90-percent of total washing machines manufactured by Korean firms are produced overseas.
They also point out that the continuing fall in washing machine export volume is another obstacle the companies have to overcome in the coming years.
Choi Si-young, Arirang News.
