Korea Placed 14th on the Worlds List of Exports
Jimmy Pak, Jan. 23, 2014, 3 p.m.
Korea is staying strong with their exports in products, appearing 14th on the list in the global market of 2012. With over 60 products on the list, Korea actually took a step down from their previous market in 2009, where they had a total of 74 exports. Leading the board with an incredible 1,485 products is China, followed by Germany and the United Stated both over 500, Japan and Italy with over 200, and the Netherlands, India, and France all over 100. Slightly leading over Korea with 81 products on the list is the United Kingdom.
Experts are concerned about the future of exports possibly hitting a steady decline over the mid-term, and although exports increased from 2008 to 2010 from 58 to 71 units, the number has not passed 70 since.
The main cause for this even is that China has been overtaking the primarily based textiles and steel products that Korea has exported. Chinese manufacturers have stolen the spotlight from Korea in exports such as underwear, knitwear, stainless stel and flat-rolled, and even a number of leather and rubber products.
China has also expanded their marketing shares in categories such as chemicals, stele, and electronic equipment. Korea has to watch out for such exports since these are the main items that Korea exports to other countries.
Shin Seung-kwan from KITA stated, "Korea ranks seventh in the world in terms of exports but stands at only 14th place in terms of market-leading products. We desperately need to strengthen competitiveness for both the product itself and design and logistics."