A new report is painting a concerning picture for the local export market.. saying that it's too concentrated on specific industries compared to other major exporters.<br />Ko Roon-hee explains. <br />There are growing concerns about South Korea's exports...with the total amount falling on-year for three consecutive months. <br />And a report released by the Korea Economic Research Institute on Tuesday also forecasts more gloom for exporters,... warning that shipments are concentrated in certain products like semiconductors.<br />South Korea's export product concentration index, which measures how much a country's exports rely on certain items, marked 137-point-2 last year. <br />This is up from 126-point-1 recorded in the previous year. <br />Compared to other countries, the index is high.<br />In the U.S., it was 63-point-6 and in Germany, 87-point-1. <br />Although the indices topped 1-hundred in Japan and China, they were both still lower than Korea's. <br />As for what's causing the high figure, the institute pointed to the technological advantage of South Korea's semiconductors,...which accounted for around a fifth of South Korea's total exports on average in 2018. <br />It's also reflective of South Korea's weakening manufacturing industry and its failure to discover new growth engines.<br /><br />Relying on semiconductors can negatively affect the overall economy,... including impacting the number of jobs.<br />The report forecast that around 50-thousand jobs would be lost if semiconductor exports fall by 10-percent. <br />According to World Semiconductor Trade Statistics, the global chip market is expected to contract by three percent in 2019. <br /><br />To turn things around, analysts point to the need to diversify export products...along with developing new industries and implementing policies related to innovative growth.<br />Ko Roon-hee, Arirang News. <br />
