Korean Reinsurance : · Korea’s strong export items for 20...

The Korean Ministry of Trade, Industry and Energy (MOTIE) conducted an analysis of the nation's exports for 2016 and found that camera modules topped the list of items
exported for more than USD 100 million by growing 108.8% year on year in amount. Other best items included non-basic cosmetics (such as facial masks), electric welders, pig lead, white duplex boards, airplanes, flat panel display (FPD) equipment·components, and makeup and basic cosmetics, all of which achieved over
40% growth in export volume last year.

While the export of 13 major items* excluding computers was lackluster, this was offset to some degree by the increased demand for other items of Korean origin on foreign soil. Consequently, the nation's exports declined 5.9% overall in 2016.

*13 major items: Items selected by the MOTIE that include semiconductors, automobiles, ships, petrochemicals, wireless communication devices, petroleum products, steel, flat panel displays, auto components, textiles, home appliances and computers.

More specifically, the nation saw its export volume of 13 major items fall 7.7% year on year. Yet, rising demand for smartphones and computers overseas drove the export of high value added goods including multi-chip package (MCP: semiconductors), solid state drive (SSD: computers) and organic light emitting diode (OLED: flat panel displays), while a growth of over 20% in export amount was achieved in total for such items as camera modules, other printers, hot water boilers and other home appliances.

With regard to items in the other category, the export amount increased by 0.7% year on year centering around non-basic cosmetics, pig lead and white duplex boards, shoring up the overall exports.