World's No.1 Market Share Items: South Korea Ranks 11th with 69 Items, China Tops for 5 Consecutive Years

[Asia Economy Reporter Kim Hyewon] South Korea ranked 11th overall with 69 items holding the number one market share in global exports. This ranking rose two places compared to the previous year, marking the highest achievement in history.

According to the "Current Status of Our Export Competitiveness Based on Number One Items in the Global Export Market" released on the 7th by the Korea International Trade Association's International Trade and Commerce Research Institute, China was the country with the most number one export items in 2019, maintaining its undisputed top position for five consecutive years. The number of China's number one items increased by 43 from the previous year to an overwhelming 1,759. Following China were Germany (654 items), the United States (520 items), Italy (217 items), and Japan (156 items).

In 2019, South Korea's number of number one items worldwide increased by 7 from the previous year to 69. The global ranking rose two places to 11th. This is the highest ranking since the survey on number one export items began in 2002. While Canada (-14 items) and the United Kingdom (-5 items), which ranked 11th and 12th respectively in 2018, saw a decrease in their number one items, South Korea's number one export items increased.

For South Korea, 16 items newly reached number one, while 9 items lost their number one status. Chemical products (27 items) and steel & non-ferrous metals (18 items) accounted for 65.2% of the total items.

The 16 newly ranked number one items included many with large export values, such as electronic devices like solid-state drives (SSD, $4.71 billion), a data storage device using semiconductors; chemical products like metal oxide compounds ($1.96 billion); and steel & non-ferrous metals like hot-rolled products ($1.63 billion). Notably, SSD exports surpassed $10 billion for the first time last year, establishing it as South Korea's next-generation export engine.

Competition among South Korea, China, and Japan for number one items is also intense. Among the 9 items South Korea lost the number one position to, China took the top spot in more than half, with 4 items. Among South Korea's 69 number one items, Japan is closely pursuing in second place for 12 items.

Researcher Do Wonbin of the Korea International Trade Association said, "While the number of South Korea's number one items worldwide is increasing, competition with major countries such as China and Japan is also intensifying. To increase market share overseas and widen the gap with competitors, we must make greater efforts to enhance product competitiveness and establish differentiation strategies."