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🇰🇷 South Korea /Economy & Trade

K-Beauty, Seaweed Now Key South Korean Exports

From Hankyoreh · (4m ago) Korean

Translated from Korean, summarized and contextualized by DistantNews.

TLDR

  • South Korea has expanded its list of 20 key export items to include cosmetics and seaweed, reflecting their growing global popularity and economic significance.
  • Cosmetics exports reached $11.45 billion and seaweed exports $1.13 billion last year, with both items now officially recognized as major export drivers.
  • This reclassification, the first since 2020, aims to provide more detailed insights into export trends and the nation's industrial standing, with updated statistical codes for semiconductors, automobiles, and batteries.

The Ministry of Trade, Industry and Energy's decision to expand the list of key export items to twenty, including K-beauty and K-food staples like seaweed, marks a significant recognition of these sectors' burgeoning global influence. For years, South Korea has been a powerhouse in cosmetics, with K-beauty trends dictating global markets. This official designation validates the industry's substantial contribution, moving beyond its previous status to become a cornerstone of the national economy.

Similarly, the inclusion of seaweed, or 'kim,' alongside ramen as a representative K-food, highlights the growing international appetite for Korean culinary exports. While its export share may seem modest at 0.16%, its cultural resonance and increasing demand underscore its strategic importance. This move acknowledges that economic value isn't solely measured by volume but also by cultural impact and market penetration.

We expanded and reorganized the 15 existing key export items to 20, considering export diversification trends, export volume, and industrial status.

— Ministry of Trade, Industry and EnergyExplaining the rationale behind the expansion of the key export items list.

The reclassification of statistical codes for major industries like semiconductors, automobiles, and batteries is also a crucial step. By breaking down semiconductor exports into DRAM, NAND, and system chips, and categorizing vehicles by powertrain (internal combustion, hybrid, electric), the government is enhancing the granularity of its trade data. This allows for more precise analysis and strategic planning, crucial for maintaining competitiveness in these high-tech sectors.

This proactive approach to trade data reflects a sophisticated understanding of global markets and South Korea's position within them. It's not just about tracking exports; it's about understanding the dynamics of each sector and adapting policy accordingly. The emphasis on detailed statistical tracking, even for items like battery components, signals a commitment to data-driven economic policy and a forward-looking strategy to sustain export-led growth.

This reorganization will allow us to provide more detailed information on overall export trends.

— Ministry of Trade, Industry and EnergyHighlighting the benefit of the updated statistical codes.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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