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한·중 10대 수출품목 절반이 중복
When it comes to trade, China is now number one in the world, and while that's all well and good for the world's second largest economy, the rapid growth is emerging as a serious threat to Korean exporters.
Even Korea's high-tech products are struggling to compete.
Yoo Li-an reports. Korea has been a direct beneficiary of China's rapid economic development over the past decade, as exports to the growing nation surged.
But that narrative is changing.
Experts now view that growth as a threat to Korea, being that China is now a top exporter in an increasing number of product categories some of which used to be dominated by Korea.
Korea saw its top spot in terms of market share surpassed by China in 12 export categories in 2011.
That year, China was the number one exporter in the world in more than 14-hundred categories, while Korea claimed the top spot in just 61.
But what's of more concern now is that China is expanding into territories where Korean companies stake their claim.
Back in 2000, the overlap in the two countries' top 10 export products was limited to two computers and wireless communications devices.
But in 2012, that overlap jumped to five products, with semi-conductors, flat panel displays and electronic devices being added to the list.
While experts agree that China isn't quite on Korea's level yet when it comes to the number of exports of these products, or even the quality of them, they do say that China's not that far from closing the gap.
"Except for the semi-conductors other categories such as ships and display panels are at the risk of being overtaken by China in terms of quality and export size within three years."
Lee says China has been able to grow at such a rapid rate because of substantial government backing.
He says Korea should take a cue from its neighbor to the east on that front, and he urged the companies themselves to alter their approaches in order to maintain trade competitiveness in the future.
"Because Korea has a limited number of natural resources, Korean companies should pick a specific set of industries to focus on instead of diverging into new areas."
Experts also emphasize the need for getting a head start in new growth sectors like renewable energy and electric vehicles, because bilateral competition is expected to heat up in the coming years.
Yoo Li-an, Arirang News.
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