No. 1 item in world export share… Ranked 11th with 69 Korea’Best of all time’

Songdo New Port Hanjin Terminal, Yeonsu-gu, Incheon City [연합뉴스]

A survey of the country of manufacture of the item that occupies the largest market share in the global export market revealed that 69 were made in Korea. The country with the largest number of export items was China for the fifth consecutive year. Korea ranked 11th, the highest since the survey began.

On the 7th, the Institute for International Trade and Trade of the Korea International Trade Association released a report on the status of competitiveness of Korea’s exports as the number one item in the world’s export market. According to this, the country with the largest number of items in the world’s export market as of 2019 was China (1759). China has been at the top for 5 consecutive years since 2015. Following the survey, countries such as Germany (654), the United States (520), Italy (217), and Japan (156) have the largest number of export items.

Competition for the world’s No. 1 item was also shown to be fierce. Of the nine items that Korea gave the No. 1 market share, four of them were China. Of the 69 items that ranked No. 1 in Korea, 12 are closely followed by Japan, ranking second.

No. 1 item in the world export market [자료 한국무역협회]

The number of items with the No. 1 export share in Korea was 69 in 2019, an increase of 7 from the previous year. Chemical products (27) and steel and non-ferrous metals (18) accounted for 65.2% of the total.
There are 16 items that have newly entered the world’s No. 1, and many products with a large export scale were included. Solid state drive (SSD, $4.71 billion), a data storage device using semiconductors, metal oxide salts ($1.96 billion), chemical products, and hot-rolled products ($1.63 billion), which are steel and non-ferrous metals, etc. to be. In particular, SSDs surpassed 10 billion dollars (about 11.3 trillion won) in exports for the first time in 2020, becoming Korea’s next-generation export engine.

Do Won-bin, a researcher at the International Trade Association, said, “With the increasing number of items in the world’s No. 1 in our country, competition with China and Japan is getting fiercer.” Meanwhile, there is a need to establish a differentiation strategy.”

Reporter Kim Kyung-mi [email protected]