US-China Relations Updates

According to a report from Yonhap News Agency, a report released by the International Trade Institute under the Korea International Trade Association on the 3rd showed that in three of the five emerging industries – new-generation semiconductors, new-generation displays, and secondary batteries – China had the highest share of exports globally.

The five emerging industries also include biotech and electric vehicles. The report shows that the global trade volume of the five emerging industries increased from USD 1.6 trillion in 2016 to USD 3.2 trillion in 2021. In 2021, the export volume of the five industries accounted for approximately 14% of the total global exports of the industries.

The report also stated that from 2016 to 2021, China’s exports of the five emerging industries increased by 1.6 percentage points globally, while Germany and Vietnam increased by 0.9 and 0.7 percentage points, respectively. In contrast, the United States, Japan, and South Korea decreased by 1.0, 0.6, and 0.1 percentage points, respectively.

The report mentioned that the gap in export share between China and South Korea continues to widen. In 2021, the export share of South Korea and China was 5.4% and 13.5%, respectively, a difference of 8.1 percentage points, which increased by 1.7 percentage points from 6.4 percentage points in 2016. As of 2021, China’s global export share in the fields of new-generation semiconductors, new-generation displays, and secondary batteries was 15.6%, 34%, and 33.9%, respectively, ranking first. In the fields of biotech and electric vehicles, Germany and the United States ranked first and second, respectively. South Korea’s export share was 11% for semiconductors, 10.7% for displays, 6.6% for electric vehicles, 8.7% for secondary batteries, and 1.2% for biotech.