Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.
Key Korean manufacturers increase market shares in US, China
Containers are being unloaded at Sinseondae container terminal in Busan Port. / Yonhap
By Kim Hyun-bin
By Kim Hyun-bin
The global market share of Korea's 13 major export items increased by 0.22 of a percentage point in 2020-2021 amid the pandemic, rising to fourth place in the world backed by stronger-than-expected sales in the U.S. and China, according to a report released Tuesday.
The 13 main items are semiconductors, general machinery, petroleum products, petrochemicals, ships, car parts, cars, flat panel displays, steel, wireless communication devices, home appliances, computers and textiles, which account for 75 percent of Korea's total exports.
The Korea International Trade Association (KITA) released a report titled “Diagnosing the competitiveness of Korea's main export items before and after the pandemic,” Tuesday. According to the report, the recovery of global demand was cited as the biggest reason for the increases seen in Korea's 13 major export items, which raised the total export amount by $47.6 billion.
From January to August this year, Korea's 13 major items took a 15.13 percent market share in the Chinese market, maintaining its second-place position. It was up by 0.34 of a percentage point compared to last year. In the U.S., Korea's 13 major items recorded a 5.61 percent market share, an increase of 0.14 of a percentage point year-on-year.
However, Korea's 13 major export items started to decrease from April to August, though KITA attributed this largely to China's decreasing demand, rather than Korea's export competitiveness.
“For Korea, which relies on China for a quarter of its total exports, it is necessary to prepare for the possibility that China's contraction in demand will become structurally fixed,” KITA Vice Chairman Chung Man-ki said. “For an export structure that is resistant to external shocks, we need to diversify the current export product groups that are biased towards semiconductors.”
Semiconductors accounted for around 20 percent of the total exports among the 13 export categories.