Import Genius Korea providing free export data in order to stabilize global supply network Import Genius announced on the 5th that they are providing the newest export data from 18 countries for free, to domestic companies in order to minimize the damage from market changes in the global supply network.
Import Genius is planning to provide the newest custom export data of 18 countries around the world for free to the Korean market.
The data includes the products, importers, amount and date of sale for each countries’ exporting company.
It includes reporting from Russia, Ukraine, the USA, Vietnam, India, 12 South American countries and Sri Lanka.
By utilizing this data, domestic companies can discover supplying companies from many different countries and diversify their supply network by seeking cooperation.
Changes in the volume can be tracked through the transaction relationship diagram between companies based on the latest data analysis, and the company can design their own suitable scenario and prepare measurements to minimize risks.
According to international trade researchers from the Korea International Trade Association, about 86% of the exporting 1,094 companies are experiencing problems due to supply network market changes and bottlenecks.
Some of these companies are responding by finding alternatives for their major items (36%) and securing inventory (18%), but there are ones who are in serious difficulty with no response strategy (12%) or temporary production reduction or suspension (15%).
CEO of Impor Genius Korea, Ji-won Cho, said “We are planning to extract and provide customized data to companies that need data. In order to maintain the fairness of benefits, all extracted data will be disclosed on the website.”