KOTRA and Lotte Host '2023 Korea Brand Expo in Oceania'

KOTRA, together with Lotte, announced on the 22nd that they held the '2023 Korea Brand Expo in Oceania' in Sydney, Australia for four days starting from the 18th to help Korean small and medium-sized enterprises (SMEs) enter the Oceania market.

The 'Korea Brand Expo' is a win-win program supported by Lotte since 2016 to assist SMEs struggling to develop sales channels by providing marketing and overseas market expansion support. KOTRA has been collaborating with Lotte since 2017 to support joint overseas market development for large and small enterprises.

KOTRA held the "2023 Korea Brand Expo in Oceania" for four days starting from the 18th to help our small and medium consumer goods companies enter the Oceania market. The photo shows a domestic company consulting with local buyers. Photo by KOTRA

With the rising awareness of the Korean Wave in the Oceania market, demand for Korean premium consumer goods such as K-Beauty and K-Food is also increasing. In particular, among K-Food products, items like gim snacks, traditional liquor, and tangerine tarts have captivated local tastes, drawing significant interest from buyers recently. According to the research agency IBIS, Australia's consumer goods market is expected to grow to a scale of $220 billion over the next five years, supported by the world's highest wage levels and consumers' strong purchasing power.

In line with these market trends, at the Korea Brand Expo, KOTRA attracted 150 buyers from Australia and New Zealand interested in Korean products and conducted 595 on-site consultations over two days with 100 Korean consumer goods SMEs, achieving consultation results worth $62 million.

An Seong-jun, head of KOTRA's Consumer Goods and Bio Division, stated, "In 2022, Korea-Australia trade volume grew by 49% compared to the previous year, with Korea rising to become Australia's third-largest trading partner, highlighting the increasing importance of trade between the two countries." He added, "KOTRA plans to continue various support projects, including helping Korean consumer goods enter local online and offline distribution channels, to expand overseas market entry."