Korean Duty-Free Shop Or Crash Industry Requests Stock To Market

Affected by the new crown pneumonia epidemic, the duty-free shops in Korea have been greatly reduced over the past few days, and the duty-free shops in South Korea are almost collapsing. To reduce inventory pressure, the industry has advised the government to sell some of the duty-free products after sale in Korea. Yonhap said that the duty-free shop industry is still unfulfilled.

According to the 19 day of the duty free shop, the duty-free shop Association and the main duty free shop recommended to the customs office on the 7 day of this month that the sales of duty-free shops were sharply reduced due to the impact of the epidemic, resulting in a sharp increase in inventories. The request for a temporary relaxation of the sales regulations for bonded goods was made to ensure that the inventory commodities could be sold in Korea for a period of time.

According to the regulations of the Korea customs office, bonded goods are not allowed to be cleared at home, nor can they be circulated in the market. Duty-free shops usually take two ways to deal with inventory goods over 3 years, one is to discuss with suppliers, and the other is to discount sales. If it can not be sold, it can only be used for waste disposal. The Seoul economy reported that the utilization rate of duty-free shops in Korea has reached 150%.

In response, the Customs Office responded that it had interviewed with representatives of duty-free shops and listened to relevant suggestions.

The sale of duty-free items and pricing are also thorny issues. In addition, because of the difference in the import companies of duty-free commodities, if they are to be sold in department stores or discount stores, the existing enterprises are likely to stand up against it. Therefore, considering these factors, even if the customs office allows customs clearance, it is estimated that it will take quite a long time for duty-free shops to sell stock products on the market.