The National Marine Manufacturers Association will hold an hour-long webinar Wednesday that will detail the South Korean emerging market for the U.S. boating industry.
The NMMA’s export development team has been exploring member opportunities and will share insights at 2 p.m. EDT on April 2.
The recreational boating market in Korea is steadily growing with boat registrations increasing by an average of 16 percent annually, according to the NMMA. The country's extensive natural coastline is ideal for boating with 20 marinas now open and operational and 12 more under construction. Fishing and scuba diving are increasing in popularity too.
In six years, the Korea International Boat Show held in June has grown to become one of the three leading Asian shows.
Additionally, the U.S.-Korea Free Trade Agreement provides new opportunities for U.S. exporters to sell American manufactured goods and services as import duties on boats and related products are phased out. These low barriers to market entry make U.S. imports highly competitive in the Korean market.