Exports Increase in 8 Key New Industries Including Next-Generation Semiconductors and Bio Despite COVID-19

Martial Arts, Report on 'Export Trends and Implications of New Growth Items' Announced

[Asia Economy Reporter Hwang Yoon-joo] Although it has become difficult to explore overseas markets due to the novel coronavirus disease (COVID-19), exports of eight new industry items such as next-generation semiconductors and biohealth have shown favorable results.

According to the 'Export Trends and Implications of New Growth Items' released on the 22nd by the Korea International Trade Association's International Trade and Commerce Research Institute (Director Shin Seung-kwan), exports of the eight new industries in the first quarter of this year amounted to $21 billion, a 17% increase compared to the same period last year. The eight new industries include electric vehicles, robots, biohealth, aviation and drones, new energy industries, advanced new materials, next-generation displays, and next-generation semiconductors.

In particular, exports of next-generation semiconductors, which have a large export scale, and biohealth, which benefited from the epidemic boom, increased by 22.9% and 26.3%, respectively, and the growth of electric vehicles (25.1%) was also remarkable. During the same period, total exports decreased by 1.4%.

The trade specialization index, which judges the comparative advantage of specific products in the global market, also improved competitiveness gradually as the new industries rose from 0.11 in 2015 to 0.21 in 2019. Especially in the first quarter, which experienced the COVID-19 crisis, the trade specialization indices of biohealth and advanced new materials increased by 0.06 and 0.02 compared to the same period last year, showing improved competitiveness.

Promising consumer goods selected by the government in 2016 and promising industries selected in 2019 also performed well in the first quarter, centered on plastic products (3.9% increase), cosmetics (3.9% increase), and agricultural and marine food products (3% increase).

The report pointed out, "On the other hand, the 13 major export items such as semiconductors, machinery, petroleum products, and automobiles selected by the government in 2006 have shown a declining trend in exports for several years, decreasing by 3.7% in the first quarter compared to the same period last year," and emphasized, "It is necessary to discover and foster new promising items in preparation for the post-COVID-19 era."

Senior Researcher Lee Jin-hyung emphasized, "The share of the 13 major items that have supported our exports in the past is gradually decreasing, and new growth items are filling that position," adding, "In response to changes in the global trade environment, it is necessary to continuously discover new growth items and foster them as major export items, implementing a future-oriented virtuous cycle export strategy."

This content was produced with the assistance of AI translation services.