The top 20 most promising Korean exports have been handpicked by Korea Trade Investment Promotion Agency (KOTRA). The agency issued a report titled "1,000 promising exports in 2010", which lists 1,027 export products, expected to be propitious in overseas markets. The agency conducted research, focused on SME-manufactured goods, to narrow the 1,027 export products down to a short list of the top 20 star export items on the basis of overseas market growth and the competitiveness of Korean goods.

Star export items

LED light bulbs, LED/LCD TVs, optical cables, smartphones, and set-top boxes are picked as star export items, thanks to their superior competitive edges and fast-growing overseas markets. LED light bulbs have been in the limelight thanks to the government’s intervention to boost incentives for energy-efficient bulbs and consumers' growing awareness. In particular, the ban on the sale of incandescent light bulbs -scheduled for 2012 in the EU and 2014 in Russia- is projected to further expedite the spread of LED light bulbs. The export of LED/LCD TVs is likely to zoom up as well, as digital cocooning and the analog-to-digital transition have driven up demand and Korean HD TV makers have emerged as premium brands. Besides, efforts from governments to expand optical cable networks and electricity grids have lit up the prospects of exporting optical cables. Set-top boxes have also made the list due to the expansion of digital and satellite broadcasting.

Flagship export items

Automobile parts, netbooks, valves, and tires are selected as flagship export items. The market for these items are not growing as fast, but with their high quality, price competitiveness, and increased brand awareness is likely to boost their market shares. The export of auto parts are expected to climb because Korean cars have made a good showing in the global market and global car makers' endeavors to cut costs have led to outsourcing the production of auto parts. Subsidies, handed out by mobile carriers in North America and the eurozone for netbook purchases to retain subscribers over the long term, is expected to jack up demand for netbooks. In addition, the export of valves will be scaled up by the recovery in industrial production; greater price competitiveness and improved brand recognition will boost demand for tires as well.

Future export items

Parts for photovoltaic power generation and wind power generation, medical equipment, GPS navigation devices, and electric transformers are chosen as future export items. Future export items are the ones whose quality and price competitiveness fall short of their rivals,' but markets for them are growing at a fast rate. However, once their competitiveness is enhanced, their market shares are expected to explode.

As a growing number of nations require the use of renewable energy sources, markets for parts for photovoltaic power generation and wind power generation are likely to be significantly expanded. Still, compared to advanced nations' products, Korean-made products have made a lackluster in the market. However, with continued improvements in quality have made them well received among international buyers, raising the prospect of their making forays into the relevant market. Thanks to the efforts for upgrading outdated electricity generation facilities in North America, the Middle East, and Africa, the export of electricity transformers are also likely to rise.

In particular, the ongoing efforts to replace outmoded electricity generation facilities in the U.S, is projected to push up demand for ultra-high voltage transformers in the next 20 years. Now, ultra-high voltage transformers are in such short supply in the U.S., fueling expectations of ramped-up imports. Although in terms of technology, Korean transformers trail behind EU-made and Japanese-made ones, the development of eco-friendly technologies and improved price competitiveness have been bridging the technology gap. In addition, medical equipment and GPS navigation devices made the list of future export items.  

Niche-market export products

On the list of niche-market export products are air purifiers, cosmetics, heat exchangers, security devices, digital door locks, energy-saving cooking utensils and heating apparatuses. Niche-market export products are the ones that have a great chance of being exported in large numbers if regionally or periodically special consumer needs are met in a swift and flexible manner. Demand for air purifiers have continued to rise in China, Japan, and Southeast Asian nations, owing to the swine flu scare. Air purifiers have been flying off the shelves in wildfire-prone areas in the West of the U.S., creating a niche market for Korean-made air purifiers. Korean cosmetics also earned a spot on the list, as the global economic recession has fired up women’s desire to look their best without breaking the bank on clothes and shoes. In particular, consumer awareness of Korean cosmetics has been growing day after day in China, Japan, and in Asian-Oceanic countries. Besides, security devices and digital door locks are expected to sell well in Central and South American nations with high crime rates. While the export of energy-saving cooking utensils and heating apparatus is predicted to go up as more people cook at home amid the global economic recession.

The top 20 most promising export items in 2010                                                

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