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Korean exports are being replaced by Chinese products
Most of the leading export products of South Korea will be replaced by Chinese competitors to 2018 year, IA RUSKOR reports with reference to report ИThe Institute of Industrial Economics and Trade of Korea.
The report notes that Chinese business will either catch up or overtake almost all key industrial sectors.ы South Korea at the expense of significant investment and technological innovation. An analysis of the institute shows that competition in eight of the nine major industrial sectorss South Korea moves from Japan, the US, Europe and Taiwan to China.
As expected, China bypasses Southth Koreю in the production of communication equipment, displays, petrochemical and shipbuilding industry to 2018 year. The steel and textile sectors of South Korea will lag far behind the Chinese rivals, and competition will worsen in general engineering and semiconductor manufacturing. Particularly affected by the information technology industry, where Chinese manufacturers of smartphones and displays on liquid crystals.
The only sector where South Korea will manage to retain leadership is automotive industry.
"South Korea may now lead the world in smartphones and liquid crystal panels, but China is going to catch up in a couple of years," said Institute researcher Suh Dong-hyuk.