Exports booming

KT&G, which aims to become one of the top four global tobacco companies by 2025, is thought to have enjoyed record high exports this year, according to a story in The Korea Herald.

As at the end of the third quarter, the value of the company’s overseas cigarette sales had reached 802.5 billion won ($737.2 million), accounting for 36 percent of its total earnings.

Industry analysts are expecting the value of its overseas cigarette sales to break 1 trillion won for the first time this year.

This year’s strong performance follows a record high in 2016, when KT&G sold 48.7 billion cigarettes to earn 941.4 billion won in about 50 countries.

The company has been focusing on markets in Russia and the Middle East, as well as developing customized products for markets in Central and South America, and Africa.

On December 5, the company’s efforts were recognized by the Korean government with the $800 million Export Tower Award.

At the end of November, KT&G announced a new plan to quadruple its overseas sales by 2025. The company plans to establish regional headquarters for the Asia-Pacific, Americas, Africa and Eurasia regions, and to create brands that meet consumer needs.