Recently, Korean media reported that from January to October this year, seven manufacturing industries in South Korea have deteriorated compared to last year, especially the five representative manufacturing industries of automobiles, electronics (IT), chemical fiber clothing, precision machinery, and papermaking. What deserves particular attention is that the competitiveness of the IT (25.6%) and automobile (13.6%) industries, which account for the largest proportion of exports, has declined.
The Woori Financial Management Research Institute said that global demand will recover slowly next year. As the technological gap between China and South Korea continues to narrow, the yen continues to depreciate, which will lead to more intense export competition. The competitiveness of South Korea’s above-mentioned industries will continue next year. continues to decrease. Korean experts suggest strengthening the research and development of new products in pharmaceuticals, cosmetics, medical machinery and other industries to reduce the impact of sluggish exports of major products.
