SEOUL, KOREA - A study said the weak yen has caused more damage to Korean exporters to Japan than those from any other country. According to the Institute for International Trade, a research arm of the Korea International Trade Association on January 26, Korea's exports to Japan last year were US$34,694 million, down 10.6 percent from the previous year.

 

A two-digit decline in Japan-bound exports was the first time since the 2008 global financial crisis. The items that saw the highest drop in export volume included ships (-46%), computers (-42%), wireless communications (-24%), wood boards (-22%), seafood (-20%), processed food (-17%), semiconductors (-15%), and plastics and machine parts (-13%).

 

Compared to the performance of other exporting countries under the condition of the weak yen, Korea suffered more than any other country. For 11 months between January and November last year, the share of Korean goods in the Japanese import market fell 0.3 percentage point to 4.3 percent from the same period last year.

 

Meanwhile, the shares of China and Taiwan rose during the same period to 21.7 and 2.9 percent from 21.3 and 2.7 percent, respectively. As for Germany, the share of 2.8 percent remained at the same level. The U.S. share declined slightly to 8.5 percent from the previous year's 8.6 percent.

 

Of the items that saw a drop in market share by Korean exporters, those in the areas of semiconductors, communications devices, plastics, and machinery were filled by Chinese suppliers. As for items in steel, consumer goods, seafood, and textiles, the exporters in South East Asia made up for Korea's loss.