Lion's Share
The ratio of the exports of industrial materials and components to the total exports from Korea has exceeded 50 percent. The Ministry of Trade, Industry & Energy announced on Oct. 6 that Korea’s exports and imports of materials and components reached US$199.7 billion and US$120.7 billion for the first three quarters of this year, respectively.
During the period, the ratio reached a new high of 50.3 percent, in spite of adverse global economic conditions such as the weak yen and the recession on the part of emerging economies. It is expected that the trade surplus in the industry will be able to top US$100 billion for the second consecutive year if this pace continues.
The exports of materials and components to China edged up by 0.6 percentage points from a year ago, despite concerns over China’s economic conditions. Exports to Vietnam soared by no less than 47.4 percent year-on-year as well.
The trade of such products based on free trade agreements is perking up as well, while Korea’s reliance on materials and components imported from Japan dipped down to a record low of 16.7 percent during the same period.
In the meantime, the Ministry of Trade, Industry & Energy recently designated Nov. 24 to 26 as the 2015 Material and Component Industry Week. Various industrial events are scheduled by the ministry to be held at the SETEC Convention Center located in Seoul.