According to a report released by South Korea, China has the highest number of categories that rank first in global export market share

[Global Times Comprehensive Report] According to a report released by the Korea International Trade Research Institute under the Korea International Trade Association on the 17th, as reported by Yonhap News Agency, China (2,087 types) will have the highest number of categories with the largest global export market share in 2024, followed by Germany (520 types), the United States (505 types), Italy (199 types), and India (172 types).

The article mentioned that South Korea ranks first in the global export market share for 81 products, maintaining its position as the world's tenth largest exporter for five consecutive years. Among them, 20 Korean products have newly entered or regained the top position in 2024, including memory chips, transformers, and facial masks. Memory chips, as South Korea's largest export product, have surpassed China after five years and regained the global top position, thanks to the excellent performance of high-value-added products such as high-bandwidth memory (HBM). A total of 17 Korean products have lost their top position. Among them, liquid transportation vessels such as oil tankers and liquefied natural gas (LNG) carriers have lost their top position in the face of Chinese competition.

According to statistics from the organization, China has consistently ranked first in the number of categories with the highest global export market share for the past five years. Apart from a slight decrease in 2023, the number has increased annually, with an additional 264 categories in 2024 compared to 2020.

The South Korean newspaper Kyunghyang Shinbo also noted that among the categories with export values exceeding US$100 million and ranking from second to tenth in the global export market, the number of categories that have gradually risen in rank since 2020 is as follows: 38 in the United States, 33 in China, 19 in both South Korea and Germany, and 4 in Japan. The South Korean website "edaily" believes that against the backdrop of protectionism centered on their own countries spreading in the global market, measures should be formulated as soon as possible to enhance the competitiveness of Korean products and expand them to more national markets. (Han Wen)