Number of S. Korean leading export products falls in global market

A whopping 10 South Korean leading export products lose its ground to Chinese comparable products in a year, reported a local news agency.

The number of Korea’s export items each of which took the largest share in the global export market declined from 71 in 2010 to 61 in 2011. 16 products emerged as leading export items, while 26 products lost No. 1 title in their respective export markets. The total value of the nation’s leading export products also shrank 17.7 percent from $125.6 billion in 2010 to $103.4 billion in 2011, posting a negative growth in four years since 2007.

Out of the total 26 leading export items that failed to grab the world’s No.1 spot, half of them lost out to Chinese products. Those items include IT products like liquid crystal devices, flat-rolled products of iron or non-alloy steel and filament yarn and other petrochemical and steel products.

The number of leading export items that China has outperformed Korea is growing from two in 2009, seven in 2010 and 12 in 2011. China is also closely following Korea’s lead by grabbing second spot in 13 items among 61 ones that Korean ones enjoyed the highest market share. 45 Korean products topped the list in the ranking of leading export items for two consecutive years from 2010 and 16 items newly emerged as leading export items