Korea has 64 Items with Largest Share in Global Export Market

According to a report titled “Korea’s Export Competitiveness Refl ecting the Items with the Largest Share in Global Export Market” published by the Institute for International Trade (President, Kim Geuk-soo, htt p://iit.kita.net) of the Korea
International Trade Association, as of 2014, the total number of 64 Korean products had the largest share in their global export market.
https://korean-electronics.com//inquiryIt is diff erent from the concept of ‘World Class Products’ that are selected by the Ministry of Trade, Energy and Industry based on the comprehensive evaluation on Korean product’s share in global export market (top 5), technology, marketability, etc. A total of 17 new products such as chemicals (5) and steel (4) made no.1 position in terms of worldwide market share while 18 products, including steel (4) and textile (4), lost their top position to other competitors. 47 items such as memory chips continued to secure their top selling status from the previous year.
In 2014, Korea lost one item in the list of the products with the largest market share in global export market. However, it is insignifi cant when compared to the other advanced countries such as Germany (lost 33), Japan (lost 11), and France (lost 3.)

In addition, Korea lost 9 and 6 most popular items in China and the U.S., respectively. However, top selling items’ export concentration is increasing as the market share of the no.1 Korean items in each market rose 5.1 percent point and 1.4 percent point, respectively. Korea’s aggressive eff orts to expand its overseas market through free trade agreements seem to att ribute the country’s export expansion as the number of top 10 export items worldwide is increasing every year.
In 2014, China maintained the top position with 1,610 most popular items, 75 more products than in 2013, and India ranked at 6th, as the country had 6 more top selling items compared to the previous year.
At the same time, not only the developing countries but also the advanced countries such as Germany and Italy are increasing the number of their no.1 items in China and the U.S., Korea’s major markets.
Therefore, Korea needs to continue to exert eff orts to improve its export competitiveness. In particular, of no.1 items of China, the U.S., Japan and Germany, Korea is runner-up in 101 products. Among those, the number of items that has less than 5 percent of the market share gap is 26 and Korean needs to expand the exports of those items.
Kang Nae-young, researcher at the Institute for International Trade, said “Now, the slow growth of global economy continues. At this point, it is crucial to secure technology and quality competitiveness through innovation of the export items that are competing with the rivals for the top positions.” The researcher also stressed “Korean companies need to develop more high-value added products as well as differentiation strategies through consistent investment in R&D and ICT convergence. The government is required to improve the environment for companies to expand their markets to the overseas through active participation in free trade agreements, the TPP, the RCEP, etc.”

<Source:KITA>

 

 

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