||Characteristics of Korean Industries From $100 mil to $1 trillion: From Primary Industry to Cosmetics
[The driving force behind the Korean economic development: foreign trade, especially exports]
The Korean economy aims to join the 30 to 50 club for the 7th time in the world. (GNP $30,000, population of 50 mil). In 2015, Korea achieved a GDP of $28,338. Pursuing economic growth policies driven by the government and exports, the government and private sectors joined forces and achieved a trade volume of $1 trillion.
○ primary industry in the 1960s (simple collection and harvests)-> Light industry products in the 1970s (clothing, textile, shoes, etc.)-> 1980s (electronics, ships, audio-visual equipment, cars, etc.)
)-> 1990s (the acceleration of the export industry: semi conductors, computers, cars, ships, petroleum products, etc) -> 2000s (advent of the world’s best products, semi conductors, cell phones, ships, etc. from finished products to semi-finished products) -> 2010s (emergence as a leading trade country, leading the world market in terms of quality and quantity of production, flat display, semi conductors, auto parts, cosmetics, pharmaceutical, etc. diversification and advancement of export goods)
The present export competitiveness of Korean major products in various areas results from the management know-how and quality innovations of Korean companies.