October 31, 2014 08:28
China was home to 1,485 products that led the global market as of 2012, according to the Institute for International Trade. The number was up 254 from 1,231 in 2009.
In comparison, Korea had 73 leading exports in 2009 but that dropped to 64 in 2012.
Many Chinese products are catching up quickly with top-ranked Korean exports. In 2012, 12 out of the 64 top-ranked Korean products were being closely tracked by Chinese rival products at No. 2.
The U.S. had eight second-ranked products behind Korea in terms of market share, and Germany and Japan six.
One industry insider said, "At this rate, the number of top-ranked Korean products will fall by more than half in just a few years."
When it comes to memory chips, one of Korea's top exports, and six other products, Chinese rivals were just three percentage points behind.
Korea accounted for 23.9 percent of the global memory chip market and China for 20.7 percent.
Oh Se-hwan at the institute said, "China used to be dominated by light industry but is now steadily increasing exports of electronic and chemical products. Korea is dependent on a small number of strategic exports, and China's rise poses a major threat."
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