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South Korea will this year become the ninth country with annual exports and imports exceeding US $1 trillion, despite the global financial crisis, following the historical path of the United States, Japan, Germany, France, the UK, China, Italy, and Dutch.
Currently, some local flagship industrial areas such as Semiconductors, Petroleum Products, Steel Manufactures, Ships & Offshore Platforms, Flat-Panel Displays & Sensors, Wireless Telecom Equipments, Automobiles, Automotive Parts, Construction Plants, and Networks Equipment, are leading the amazing nationwide drive, while also leading the global market in their specific fields in terms of global market share, technology level, local-oriented index, etc.
This remarkable achievement amid tough competition in the international market is indeed commendable. In fact, South Korea started its export drive with low value-added agricultural and fishery products in the late 1940s just after regaining its sovereignty from Japan.
South Korea has successfully reshaped its status from a less-developed country into a developed nation particularly from the 1970s through the 1990s. This paved the way for the country to become a member of the Organization for Economic Cooperation Development (OECD). In the course of accomplishing such extraordinary trade results, South Korea successfully overcame the IMF bail-out program in 1997. Korea turned the crisis effectively into an opportunity for another economic take-off.
This year’s export destinations are being led by active global growth engine of developing countries rather than advanced nations, recording $ 336.1 billion as of late November. Exports to Japan are showing the most conspicuous result (with a proportion of 43.1 percent), followed by the United States (12.7 percent), and EU (7.9 percent).
Among the developing nation traders, Southeast Asian countries are playing a basic role in transforming South Korea into the ninth $1trillion nation across the world with the proportion of 32.4 percent, followed by the world’s No. 2 trade power China (17%).
In terms of imports, the global developing nations are also playing a leading role in making South Korea a nation accomplishing over $500 billion within this year with the contribution of $271.6 billion as of late November than several advanced countries ($164.3 billion), respectively.
For South Korea’s imports of overseas resources, the Middle East (50.3 percent) is leading the field, followed by Australia (21.9 percent), Central and South America (18. 8 percent). As the long-stalled Korea-U.S. free trade agreement (FTA) has been finally ratified with the complete approvals by the two nations’ parliaments, some of Korea’s globally competitive industry sectors, including the automotive parts industry, will gain a comparative advantage against those of the United States.
With the automotive parts industry’s comparative advantage, local leading automotive parts makers like Hyundai Mobis, S&T Daewoo, Mando and Nexen Tire are highly likely to generate improved profits in trade with the U.S. unlike the nation’s carmakers like Hyundai and Kia, etc. as they have already been operating their overseas factories in the United States, thus significantly contributing to the growth in local trade.
Welcoming this outstanding performance, Korea Buyers Guide covers some selected enterprises of their flagship products in such several key export players as Semiconductors, Ships & Offshore Platforms, Automotive Parts, Construction Plants, Networks Equipments, Computer, etc. based upon the extent of their contribution in accomplishing more than $500 billion export volume this year and their accumulated performance in practical improvement of the nation’s gradual economic growth.
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