[Asia Economy Reporter Moon Chaeseok] Due to the semiconductor market slowdown last year, the proportion of semiconductors in South Korea's total export items dropped to the 10% range. Automobiles rose to second place, supported by strong sales of sports utility vehicles (SUVs) and eco-friendly cars.
According to the Korea International Trade Association, Ministry of Trade, Industry and Energy, and Korea Customs Service on the 19th, the export value of the top 10 products last year was $304.23 billion, accounting for 56.1% of the total $542.33 billion. This was a decrease from 58.5% the previous year, interpreted as diversification of export items.
By item, semiconductor exports amounted to $93.94 billion, down 25.9% from $126.71 billion the previous year. Although it maintained first place for seven consecutive years since 2013 with a 17.3% share of total exports, the share shrank back to the 10% range after two years.
Previously, in 2018, semiconductors recorded the highest performance ever, surpassing the 20% mark for the first time with a 20.9% share of total exports.
The second most exported item last year was automobiles, accounting for 7.9%. Automobile exports reached $43.04 billion, regaining second place after three years. Although the number of exported units decreased by 1.9% compared to the previous year, the export value increased due to expanded exports of relatively expensive SUVs and eco-friendly vehicles.
Following were petroleum products at 7.5%, automobile parts at 4.2%, flat panel displays and sensors at 3.8%, synthetic resins at 3.7%, ships, offshore structures and parts at 3.7%, steel plates at 3.4%, wireless communication devices at 2.6%, and plastic products at 1.9%.
Plastic products displaced computers and became one of the top 10 export items again after four years since 2015.
The top imported item was crude oil, which overtook semiconductors in 2000 and has been the largest import item for 19 consecutive years. However, due to factors such as falling oil prices, its share of total imports decreased from 15.0% the previous year to 13.9%.
The second largest imported item was semiconductors at 9.3%. Following were natural gas at 4.1%, petroleum products at 3.5%, coal at 2.8%, wireless communication devices at 2.7%, automobiles at 2.4%, computers at 2.3%, precision chemical raw materials at 2.3%, and clothing at 2.2%.
Semiconductor manufacturing equipment fell out of the top 10 import items within one year from fifth place in 2018.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
