Source: Business Korea
According to the Institute for International Trade (IIT) of the Korea International Trade Association (KITA), 71 South Korean export items were the most sought-after ones in the world in 2016 and South Korea ranked 13th that year in terms of the number of such items.
The number of such items increased by three from the previous year in 2016 to tie with the record high posted in 2010. In the rankings, South Korea moved up one notch in 2016.
The list was topped by China (1,693) although the number of such items of China decreased by 49 year on year. It was followed by Germany (675) and the United States (572). India, in the meantime, increased its number by no less than 30 to 156, coming in sixth.
“This is the first time that China, which rose to the top in 2005, posted a decline since that year,” the IIT explained, adding, “India has become an international trade powerhouse based on its textile and steel products whereas China was affected by domestic market-led growth and the protectionist trade policies of multiple countries.”
The 71 export items of South Korea include 25 chemical products and 15 steel products. In 2016, 17 new items, including warships and propene, joined the list while 14 such as ship propulsion engines and dryer components were excluded from the list.
The IIT pointed out that the number of such items of South Korea can decrease in the near future. As far as 47 out of the 71 are concerned, 16 Chinese, 13 American, 12 Japanese and six German items came in second. When it comes to 16 out of the 47, South Korea surpassed the runner-ups by a margin of less than five percentage points in terms of global market share.
By export destination, 16 South Korean items were the most sought-after ones in China and the number was 19 in Japan, eight in the United States, and one in Germany. The number of such items increased in China and Japan but fell in the U.S. and Germany.