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.

  • UN report: More than 25,000 foreigners fight with terrorists
    UN report: More than 25,000 foreigners fight with terrorists

    UNITED NATIONS (AP) — A new U.N. report says more than 25,000 foreign fighters from over 100 countries have traveled to join with al-Qaida, the Islamic State group and other splinter groups in countries from Iraq and Syria to Afghanistan, Libya and the Philippines. …

  • Sandiganbayan allows Sen. Jinggoy to have his aching shoulder checked

    The Sandiganbayan Fifth Division has given permission to Senator Jinggoy Ejercito Estrada to leave detention and have his aching shoulder checked at a private hospital yesterday. "After taking into account the arguments of both parties and for humanitarian considerations, the Court resolves to grant accused-movant's prayer over the objection of the prosecution," read the Fifth Division's resolution that was issued yesterday and signed by its Chairman Roland Jurado and Associate Justices Efren …

  • Financing lack cause of slow e-vehicle program implementation

    The Electric Vehicle Association of the Philippines (EVAP) has blamed the lack of financing for the slow implementation of the environment friendly e-vehicle program in the country. EVAP President Rommel Juan said that EVs are now available all over the Philippines because of the various  private and some local government units programs on the use of e-vehicles. We need funders, financing people or angel investors to come in and tie up with credible and reliable EV players to finally catapult …

  • Exhibit recalls Christ’s passion and death

    Now ongoing at the Palo Municipal Hall grounds is an exhibit of photographs on the passion and death of Jesus Christ. The exhibit which will run until April 6, is dubbed “Pamalandong Photo Exhibit 2015.”  It features old pictures taken during the traditional yearly re-enactment of Christ’s passion and death in the Archdiocese of Palo,  which is the center of Catholic hierarchy in Leyte and Samar. Palo Mayor Remedios L. Petilla opened the photo exhibit with Philippine Councilor League Leyte …

  • The Philippines, another Singapore?

    Bongbong Marcos makes the ludicrous claim that if his father Ferdinand hadn’t been deposed in 1986, we would now be another Singapore, prosperous and orderly. There was no way that turning the Philippines into another Singapore would be possible today, or in the 1980s. The world’s eyes are all on Singapore these days after the passing last week of that city-state’s founding prime minister, Lee Kuan Yew. As Singapore mourns Lee’s death, the world toasts him as a visionary who practically …

  • Armed men burn Philtranco buses in Tacloban

    Fully armed young men burned two Philtranco Bus Company buses in the Philtranco terminal in Barangay 91 Abucay midnight of March 31. Philippine National Police Eastern Visayas Regional Director Chief Supt. Asher A. Dolina has directed Tacloban City Police Director Senior Supt. Domingo Say Cabillan to conduct an immediate and thorough investigation into the burning of the two commercial passenger buses. Dolina said he wants the case probed to determine if the act is part of the usual …

  • Senate to look into Sajahatra program

    Lourdes “Nancy” Binay has asked the Senate to look into the government’s Sajahatra Bangsamoro Program (SBP) - a joint social protection agenda between the government and the Moro Islamic Liberation Front (MILF), which was included in a comprehensive peace agreement entered into by the two parties. Binay noted that while the SBP’s goal was to uplift and develop the health, education, and livelihood conditions of Bangsamoro communities struggling against poverty and conflict, she has been …

  • Save up for Hajj thru Islamic bank’s plan

    To help pilgrims get to Mecca, Saudi Arabia, the Al-Amanah Islamic Investment Bank of the Philippines (AIIBP) has launched the first Pilgrimage Savings Plan (PSP) in the country. Local Muslims have long been studying Malaysia's widely-successful Tabung Haji savings program, and this was the first time a similar initiative was formally introduced in the Philippines. Idiosa B. Ursolino, AIIBP vice president, presented the PSP at a recent international conference on Islamic finance and banking …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options