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High value added goods exports rise steadily for past decade: data

All News 15:08 April 03, 2017

SEOUL, April 3 (Yonhap) -- The ratio of South Korea's exports of sophisticated goods has increased steadily in the past decade, although Asia's fourth-largest economy still trails behind major industrial economies, data showed Monday.

South Korea's index of sophisticated exports, measuring the level of high value added shipments abroad, soared gradually to 231.7 in 2015 from 218.0 in 2005, according to data compiled by the Korea International Trade Association (KITA).

The comparable figures for 2015 were 285 for Germany, 277.5 for Japan and 272.8 for the United States.

The index for China fell dramatically to 201.6 in 2010 after the 2008 global financial turmoil from 217.4 in 2005. The world's second-largest economy recovered quickly, with the index surging to 219.8 in 2015.

By industry, the index for South Korea's petrochemical industry was 75.2 in 2015.

Machinery came in second with 52.2, followed by steel and metal products at 38.2, and semiconductors and electronic goods with 20.5.

The indexes for semiconductors, automobiles and ships have risen for the past decade, while those for handsets and personal computers have dropped during the same time span.

KITA said South Korean semiconductors, precision equipment, and audio and visual communication devices have an edge over their competitors abroad in terms of the sophistication index.

Germany, Japan and the U.S. were competitive in chemicals and machinery, while China had the edge on textiles and garments.

KITA called on the government to provide financial assistance to research and development activities in industries other than semiconductors, electronics and information technology to diversify the country's exports.

High value added goods exports rise steadily for past decade: data - 1


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