Riding the wave of their Remarkable 2013 Performance
Korea’s exports have exceeded $500 billion, recording the largest-ever volume in its history in October. The previous largest export was $489.5billion in July 2011. According to export-import trends data collected by the Ministry of Trade, Industry and Energy (MOTIE), the nation’s exports and imports in October were $505.1 billion and $456.1 billion, up 7.3% and 5.1% respectively, compared to the same period of last year.
Some factors lay behind such remarkable accomplishments. The recent modest economic recovery in the advanced nations including the United States and the EU helped the nation achieve such outcomes. The economic growth rate of the United States recorded 1.1% in the first quarter and 2.5% in the second quarter following 0.1% in the fourth quarter of last year. EU also registered a positive growth rate of 0.3% in the second quarter this year after witnessing two consecutive quarters of negative growth rate – – 0.2% in the first quarter this year after – 0.5% in the fourth quarter of last year.
The export surge in the IT products and automotives contributed to such performance. The growth rate of exports, by product, is as follows: wireless communication gadgets (33.1%), automotives (21.2%), and semiconductors (15.2%). The diversification of export items and the export increase in the non-main export items can help explain such impressive results. The 5.8% of export growth rate of the non-main export items surpassed the main export items’ growth rate of 0.2%. The export ratio of these non-main export items steadily climbed higdher, ended up recording 21.2% in October this year. In particular, electric and electronic, cosmetics, and plastic products are doing great.
The growing exports to newly emerging nations also occupied the important position in accomplishing of the nation’s such performance. The export to the emerging
nations, all of which suffered from economic woes owing to concern by America’s reduction of quantitative easing, started to increase in October this year. MOTIE expects the export growth of majority of Korean-made products including IT products, automobiles will continue only of the economic recovery trends of advanced countries last for a considerable time.
Korea’s consumer electronics makers are planning promotions of their global-leading consumer electronics solutions with an ever massive-scale for the New Year at the upcoming CES2014, one of the world’s three largest internationally renowned electronics and technology trade shows, riding their notable contributions to the nation’s export growth in this year. Korean IT companies armed with various categories of their global market-leading technologies are considering the event an extremely suitable high-profile venue in preemptively seizing new and unique changes facing the industry, in order to come up with active countermeasures to raise their global market presence even higher.
The nation’s small- and medium-sized enterprises (SMEs)’eagerness for the forthcoming highly anticipated exhibition appears to have not been behind that of conglomerates headquartered in South Korea including Samsung Electronics, LG Electronics.
SMEs’ efforts in this direction relied on their strong technological competitiveness in each of their specific niche areas that have potentiality to help Korean SMEs to beef up their presence in the extremely competitive global markets. Most of those companies are commonly organized and sponsored by the Korea Trade-Investment Promotion Corporation (KOTRA), as well as some dynamic provincial governments and agencies as part of the nation’s toppriority policies to support those sized companies’ trade capability elevation to contribute to the growth of the national economy.
As most of global industrial experts expect, this show will likely become an optimized venue for South Korea’s two global IT behemoths of Samsung Electronics and LG Electronics to add to their cumulatively overwhelming global market dominance, the same patterns the two IT giants have been enjoyed for at least few years.
Already, the former has recently confirmed that its 24 items will receive CES innovative awards at the upcoming CES 2014 fair for their each of globally leading innovative features. The included heroes of the maker are: TVs (eight), home theaters (two), monitors (two), tablets (three), refrigerators (three), washing machines (two), etc.
Of note, the global conglomerates’ TVs are honorably scheduled to receive “Best of innovative award” following two years of its consecutive winning. Samsung Electronics’ smart TV ‘UN65H7100’ has a capacity that can speedily show 240images per second. And it boasts high operation speed thanks to equipped Quad-core CPU. The curved OLED TV and the UHD TV were included in the winning list for their contributions to one-grade elevation of the experience and image quality in the watching and to ensured performance of vivid picture quality through four-times higher resolution than general full HD ones, respectively. And Samsung Electronics’ one unit of TV and two units of washing machines have notably succeeded in acquiring a title of ‘Eco Design’ in their potential recognition of commitment to environment.
The latter has also made big strides with scheduled winning performances across its 15 items especially including 77-inch ultra-HD curved OLED TVs. For this OLED TV, such high advanced display technologies as OLED panel, epoch-making curved design, ultra-high resolution, and ultra-HD are emphasized in its design. And this TV minimized screen distortion while maximizing screen immersion.
The nation’s second-largest and globally top-ranked company, this IT giant’s strategic smartphone called LG G2 was also proudly included in the room of winners of innovative awards. This smartphone has applied a rear key so that users can control power and volume with only their finger without having to find a button with using their eyes.
And high-capacity, high-efficiency of the so-called drum washing machine equipped with innovative functions including a technology of turbo shot elevating the
washing capacity, a technology of smart diagnosis, oven applied with water washable surface material of ACE (Aqua Clean Enamel), etc. are expected to shine on the forthcoming awards ceremony stage.
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