Exports slump for shipbuilding and steel in Korea 선박 철강 수출 흔들.. 20년간 성장 이끌던 ‘달러박스’ 비상

Korean ship yards have long dominated the
global shipbuilding industry but a severe slump in the sector is turning them from a
main foreign exchange earner into a problem child of the export-led economy. A slower-than-expected growth in China is
also cutting exports of steel and petroleum products rapidly. Arirang’s Hwang Ji-hye has the details. The
shipbuilding industry has been a major locomotive of Korea’s export-led economy, accounting
for about a tenth of the nation’s exports for many years. Korean shipbulders have been dominating the
global market, raking in many billions of dollars to help fuel growth in the country…
but now a severe slump in the industry is making them a major cause for woes of the
economy. Korea’s vessel exports which set a record-high
in 2011,… fell by a third in the first five months of this year from the same 2012 period
after a 30 percent fall for all of last year. A more serious problem is that the industry’s
mid-and-long competitiveness is waning. Although Korean shipbuilders still dominate
in gas carriers and other advanced ships,… experts say they’re losing their price competitiveness
to China for vessels like tankers and bulk carriers. China is also emerging as the main cause for
troubles in Korea’s steel and petroleum products industries. A supply glut in the steel industry, particularly
in China, is weighing on Korea’s steel exporters while dwindling demand for petroleum products
are slashing their shipments from Korea. Experts say… Korea’s total exports in the
first half of this year could end up growing in the zero-percent range… due to drastic
export drops in ships, steel and petroleum products. Hwang Ji-hye, Arirang News.

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