Most U.S. companies lack a strategy to...

Most U.S. companies lack a strategy to penetrate the South Korean market, hindering Washington’s efforts to cut its growing trade deficit with South Korea, according to a survey by the state-run Korea Trade Promotion Corp.

Of the 261 U.S. firms polled, only 68 could be said to know South Korea’s trade practices and laws relatively well, the survey said. All the firms surveyed had expressed interest in doing business with Korea.

Almost half the firms said they had never traded with South Korea and did not know the current market.