S.Korean boiler firms expand exports

Despite a global economic slowdown, South Korea's overseas exports of boilers and water heaters increased 4.9% year over year by $478.3 million in 2023, according to data released by the Korea Customs Service on Feb. 26.

This is a result of boiler manufacturers exploring overseas markets outside of their saturated domestic markets.

The proportion of overseas sales in South Korea’s Kyung Dong Navien Co. surpassed 50% in 2017 for the first time.

As of the first three quarters of last year, 70.9% of Kyung Dong Navien's total revenue came from overseas.

By the end of last year's third quarter, this number had climbed even higher, with international sales representing a remarkable 70.9% of the company's total revenue.

Following in Kyung Dong Navien's footsteps, Kiturami Co., another leader in the domestic market, has set a goal of exceeding the 50% mark for overseas sales by 2030.

As of the end of last year, however, South Korea's Kiturami's international business transactions only constituted around 10% of its overall sales.

To accelerate its export volume, Kiturami implemented a strategic move in the latter half of last year by appointing Kim Hak-Soo as the new head of overseas sales.

Kim boasts extensive experience in global markets, having previously worked at Daewoo Electronics and Kyung Dong Navien.

Since joining Kiturami in 2021, he has played a pivotal role in spearheading the company's expansion into the North American market, overseeing the launch of new products.

Write to Mi-Kyoung Lee at capital@hankyung.com