The Korea Chamber of Commerce and Industry said Thursday that measures should be drafted for firms suffering from shrinking exports due to the sluggish European economy.
In its recent study that surveyed 500 firms that focus on exports, 62.9 percent said the economic crisis in Europe is likely to continue next year and beyond. Only 37.1 percent answered they believed it will end within the year.
When asked about their difficulties involving the Euro debt crisis, 49.5 percent said it led to a decrease in sales in Europe, followed by foreign-exchange loss and the cancellation of orders from European nations with 28.5 percent and 10.1 percent, respectively, it said. Another 8.7 percent said they were met with a delay in payments.
About half of the surveyed firms also said they are not equipped with a counteraction plan that could deal with the tough economic conditions in Europe.
“We found that there were firms that began shipping exports to the European countries last year while conducting the survey,” said a KCCI executive. “The government must devise measures like strengthening the market monitoring and offering liquidity support. Firms should also establish emergency business operation plans to prepare for worsening conditions as the crisis may take longer than expected.”
By Cho Ji-hyun (
sharon@heraldcorp.com)
