South Korea’s Top 10 Exports to the world!Madeinkoreablog
South Korea is one of the largest economies in the world. A country’s export exert a deep influence on its economic growth. A healthy economy is the one where exports and imports are growing. It is even included in the group of Next Eleven countries that will dominate the global economy in the middle of the 21st century. Especially when we talk about big economies like Korea. South Korea’s exports amounted to US$495.5 billion in 2016 which is a concluding point to the fact that South Korea’s is among the world’s largest exporting countries. But what makes the exports so high? Here are some of South Korea’s top exports breakdown around the globe:
South Korea have some of the finest electronics brands and leading in the electronic market with their products. Samsung, Hyundai Motors, LG Electronics are some of the top brands that are contributing to the exports. It is the fourth largest electronics producer globally with the output of US$111.6 billion in 2016.
The automobile makes up 12.6% of the total exports. The most exported product under the automobile segment are cars. It is not only the most exported but also the most technologically advanced. The top players in this industry are Toyota, Pony and Renault. The South Korean automakers exported 2.623 million cars in 2016 which speaks volume about Korea’s Automobile Industry.
3.Ship and boats-
South Korea’s shipbuilding exports are growing despite the challenges of global shipping capacities, low freight rates, and increasing competition from China. South Korea exported $33.2 billion worth of passenger and cargo ships to the international market in 2016 which accounted for 6.7% of the country’s total export.
4.Perfumes and Cosmetics-
Korean cosmetics are paving its way into the beauty industry. The fast demand for Korean cosmetics placed South Korea into the line of cosmetics exporter. The exports of the cosmetics industry amounted to $3.97 billion in 2016 and is expected to grow in 2017.
5.Rubber and Plastics-
South Korea’s exports $2.1 billion worth of plastic and $1.8 billion of rubber and related articles to US. It is a major exporter of plastic to China. In 2016, it exported $9 billion plastic to China.
Due to high rise in smartphones, the demand for semiconductors have gone up. South Korea has been really successful making a name for itself in the Semiconductor market. This is due to the higher prices for memory chips and growing use of semiconductors in smartphones. It has shown the highest growth in last five years. Shipments of semiconductors reached a monthly record of $6.41 billion.
South Korea is the world’s third largest steel exporter. It exported 22.5 million metric tons at the end of 2016. It exports steel to more than 180 countries and territories. The products include pipe and tube, stainless steel products and semi finished steel.
South Korea’s overall exports of organic chemicals amounted to $17.9 billion in 2016. The chemical industry enjoys higher exports due to South Korea’senvironment-friendlyy composite materials of functionality.
South Korea is emerging as a key contributor in global healthcare innovation. The main driving power of the industry is highly educated & experienced R&D manpower, strong passion for new drug development, strategic & dynamic nationwide collaboration network between the industry. It is the 13th largest pharmaceuticals market in the world. In fact, the exports grew by 22% in 2015 in comparison to the last year which is the highest increase in 5 years.
10.Oil and Petroleum-
South Korea runs an efficient refining technology for crude oil. Although South Korea is a non-oil producing country but still it is a major exporter of refined petroleum. It imports certain products like gasoline, diesel, and kerosene from oil-producing countries and then exports them to the international market. The country exported US$54.3 billion worth of refined petroleum in the last year. South Korea’s refinery industry is the world’s sixth largest.
In 2017, Korea is all set to break new records. It is forecasted that the oil refining, food and beverage, information and communication equipment, textile and semiconductor industries are predicted to enjoy better global demand conditions. The top export destinations of South Korea are US, China ,Hong Kong ,Vietnam and Japan. All in all, the major industries of South Korea are predicted to increase their exports by 1.3% year on year in 2017 as emerging economies benefit from rebounding raw material and oil prices. With the beginning of a new quarter, South Korea is all set to dominate the export records once again!