The Korea International Trade Association (KITA) announced on March 20 that South Korea enjoyed the highest market shares in the world with 77 export items in 2017.
The number, which had been 67 in 2014 and 68 in 2015, rose to 71 in 2016 and 77 in 2017. In 2016 and 2017, South Korea ranked 12th in the world in terms of the number of such items. In 2017, China ranked first with 1,720 export items, followed by Germany (693), the United States (550), Italy (220) and Japan (171).
In 2017, the total exports of the 77 items were US$140.7 billion, equivalent to 24.5 percent of South Korea’s total annual exports. The 77 items include 31 chemical products, 13 steel products and eight textile products. When it comes to the chemical products, the number jumped by six in one year.
As for the global market shares of 16 out of the 77 items, the United States, Japan, Germany and China were nipping at the heels of South Korea with a gap of less than 5 percentage points. South Korea was competing with China in most of the 77 cases and with Japan as to chemical and steel products.