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The number of Korean products deemed to be global market leaders stand at 59, only 1/16 of China's. Market-leading Korean products are shifting from light to heavy industry and information technology, but as rival countries are catching up fast, Korea's competitiveness is increasingly becoming, in the fashionable phrase, ¡°sandwiched¡± between bigger powers.
China had the most top products with 958 followed by Germany (815), the U.S. (678), Italy (304) and Japan (280). In a Sunday report on products with the largest global market share based on 2005 data, the Institute for International Trade affiliated with the Korea International Trade Association said Korea ranked 17th with 59 products. World no. 1 products were Korean oysters, benzene, bleached fabric, hair pins, refrigerator and washing machines.
Compared to 2004, 14 products including textiles and clothing dropped out, but there were 15 new additions, mostly IT goods. Korea's light industries were overpowered by rival China and its heavy industries are up against advanced economies like Japan and Germany. Eleven of the 59 Korean products were closely chased by Chinese counterparts, eight of which were light industrial goods such as textiles. Following China, eight Japanese, eight German and seven U.S. products threatened Korea's global lead in the market for heavy industrial products.
(englishnews@chosun.com )
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