Korea's global bestselling items unshaken

Seoul (The Korea Herald/ANN) - Despite Chinese manufacturers' aggressive push amid a global economic recession, most high-tech products at Korean exporters have maintained their leadership status, industry sources and the Korea International Trade Association said on Sunday.

Korea had a total of 45 exported items that enjoyed the world's largest market share for two consecutive years since 2010. Semiconductors, steel, shipbuilding, petrochemicals and auto parts are among this list.

Adding to this feat, in 2011, over a dozen export items - oyster, ginseng, fruit wine, chemicals, butadiene rubber, steel tubes, electrical signal device and some railroad vehicles were newly dubbed as global No. 1 sellers, beating former 2010 bestsellers from European and North American countries, KITA said.

Chemicals, such as propene and polycarboxylic acid, also became global bestsellers in 2011, beating out Japan, the Netherlands and the United States. Korea also surpassed the U.S. in exports of textiles and butadiene rubber.

KITA warned, however, that these 16 new global bestsellers are only about 10 percentage points apart from the second-bestsellers of other countries in global market share. The international trade association urged these sectors to fasten their belts to widen the gap with the runners-up, especially those in China.

"We must remember that the even in the sectors where Korean products have jumped to the top slot, the gap with the runner-up is 10 percentage points or less, meaning we could be pushed out of the position soon," KITA officials said.

As if to echo such concerns, a total of 10 Korean items that had previously been global bestsellers in 2011 slid to second or third place, largely due to Chinese rivals.

In a growing number of sectors, Chinese manufacturers have been edging their Korean competitors out from the top spots in the global markets. Armed with cheaper prices and enormous variety - quality is compromised at times, but not too much since even in terms of technology, Chinese companies have been making significant progress - China has turned into a formidable contender for Korean manufacturers.

In 2011, China outsold Korea in 12 items of 26 sectors in which Korea once had the No. 1 spot. In liquid crystal display, petrochemicals and the steel sector that Korea had focused on for a long time, China became 2011's new leading exporter, according to KITA.

In 2011, China has the largest market share for the most items - 1,431 items - followed by Germany with 777 items, the U.S. with 589, Italy with 230 and Japan with 229.

Korea's global exports amounted to about $555.2 billion, the world's seventh-largest volume, but remained the world's 15th in the number of items with the largest global market share.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Fight fans sue Pacquiao over injury
    Fight fans sue Pacquiao over injury

    Two Nevada men filed a class-action lawsuit against Manny Pacquiao, seeking millions in damages because they say he fraudulently concealed a shoulder injury before his defeat to Floyd Mayweather. It is just the latest fallout from Mayweather's victory in Las Vegas on Saturday in a unanimous decision, with Pacquiao saying afterwards that the shoulder complaint hampered his performance in the welterweight world title showdown. The plaintiffs argue that by failing to go public with the injury …

  • Noy leaves for US
    Noy leaves for US

    President Aquino leaves today for the United States to begin his three-day North American trip that will culminate in a state visit to Canada. The President departs at 8 a.m. on a chartered Philippines Airlines flight to Chicago for a one-day working visit. From Chicago, the President will proceed to Canada where he and Prime Minister Stephen Harper will witness the signing of bilateral agreements on labor cooperation, development assistance and infrastructure development. Canada is home to …

  • China accuses Phl of violating South China Sea Code
    China accuses Phl of violating South China Sea Code

    China has accused the Philippines of violating a 13-year-old informal code of conduct in the South China Sea with its building work on disputed islets, firing back again after repeated criticism of China’s own construction work. China and the 10-member Association of Southeast Asian Nations (ASEAN) signed an agreement in 2002 to refrain from occupying uninhabited reefs and shoals in the sea, and from building new structures that would complicate disputes. In a statement released just before …

  • Noul to bring stormy weather to central, northern Luzon
    Noul to bring stormy weather to central, northern Luzon

    Tropical storm  Noul  (international name) will bring stormy weather to the eastern section of Central and Northern Luzon this weekend, as it slightly gained strength and moved westward toward the Philippine area of responsibility yesterday. Rene Paciente, Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) senior weather forecaster, said the eastern section of Central and Northern Luzon, including Aurora, Isabela and Cagayan, may experience rains with gusty …

  • House asked to allocate P500-M legal aid for OFWs
    House asked to allocate P500-M legal aid for OFWs

    The House of Representatives was asked yesterday to appropriate P500 million for legal assistance for distressed overseas Filipino workers (OFWs). Reprieved death convict Mary Jane Veloso mirrors the tragedy of many OFWs in search of better job opportunities abroad “who become victims of human and drug trafficking and other forms of exploitation,” according to Bill 5704 that the seven-member Makabayan bloc of lawmakers had filed. The lawmakers said Veloso’s family claims that they were not …

  • World’s best place to be a mom: Norway is tops; Phl 105th
    World’s best place to be a mom: Norway is tops; Phl 105th

    Norway ranks as the world’s best place to be a mother, well ahead of the United States, which dropped to the 33rd spot in the annual scorecard released by Save the Children on Monday. Somalia is the worst place, just below the Democratic Republic of Congo and the Central African Republic. The Philippines placed 105th out of 179 countries, but the Save the Children report, which profiled Metro Manila among other cities, said that the National Capital Region has done better than most megacities …

  • Philippines' largest telco sees costly, painful fight
    Philippines' largest telco sees costly, painful fight

    Philippine Long Distance Telephone, the country's largest telecommunications firm, said Tuesday it expects to spend nearly $1 billion in a "painful" fight to survive the consumer shift to digital from traditional phone services. The listed company said net profit for the first three months of the year was flat at 9.4 billion pesos ($211 million), and the full-year net profit would likely fall below the 34.1 billion pesos it posted last year. "It's either we pivot or we perish," PLDT chairman …

  • China says Philippines violating South China Sea code

    China has accused the Philippines of violating a 13-year-old informal code of conduct in the South China Sea with its building work on disputed islets, firing back again after repeated criticism of China's own construction work. China and the 10-member Association of South East Asian Nations (ASEAN) signed an agreement in 2002 to refrain from occupying uninhabited reefs and shoals in the sea, and from building new structures that would complicate disputes. In a statement just before midnight …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options