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Home > mk Business News 프린트 이메일 전송 리스트
S. Korea’s ship exports swing to contraction in 13 years amid China’s rise
2013.01.03 11:23:42 | 2013.01.03 18:14:14
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South Korea is estimated to have lost the title of the world’s largest ship exporter to China, putting an end to its supremacy in the global ship export market as Korea’s ship exports swung to contraction last year for the first time in 13 years.

[S. Korea’s ship exports swing to contraction in 13 years amid China’s rise] 기사의 본문 이미지


Korean shipbuilders exported ships worth $33.5 billion (35.6 trillion won) between January and October last year, down 28.2 percent on-year, said the Institute for International Trade (IIT) under the Korea International Trade Association (KITA) Thursday.

Korea’s ship exports fell into contraction territory for the first time last year since they declined 6.0 percent on-year in 1999, when the Asian Financial Crisis hit the nation.

While Korea’s ship exports shrank, China’s exports rapidly expanded.

The Chinese shipbuilding industry exported ships worth $33.6 billion for the first 10 months last year, surpassing the Korean counterpart to emerge as the world’s largest ship exporter by a margin of $100 million.

Export statistics of November and December last year are yet to be compiled, but China is highly likely to have become a new global leader in exporting ships

Korean, Chinese and Japanese shipbuilders, who win a total of 80 percent of global shipbuilding orders, suffered dwindled orders last year.

Consequently, Korean shipbuilders suffered a steep 30 percent on-year decline in exports, but Chinese companies weathered the impact by recording a 5.9 percent fall in exports. Japanese companies’ ship exports dropped 8.3 percent during the same period.

Korean shipbuilders have seen their exports sharply fall since 2007 because their primary export market, Europe, has been battered by a severe recession. Europe accounted for 29.6 percent of their total exports for the first 11 months last year, far higher than 14.4 percent of Chinese and 13.2 percent of Japanese counterparts.

[Written by Sun-ah Kim / edited by Soyoung Chung]



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