Analysis by the Korea Chamber of Commerce and Industry: Changes in Export Trends Over the Last 10 Years
According to a report by the Korea Chamber of Commerce and Industry (KCCI), in the past decade, the leading position of Korea’s consumer goods exports, once held by TVs and fashion items, has significantly waned. Instead, new consumer goods such as electric vehicles, food products, and cosmetics, which are combined with K-content, have emerged as the dominant export items. During this time, consumer goods exports to the United States nearly doubled, while exports to China remained stagnant due to the ‘Korean Wave Restriction Order’ or Hanhanryeong, which barred the spread of Korean culture.
The KCCI reported that, in contrast to ten years ago, four products that were not previously top-ranking in Korea’s consumer goods exports have entered the top 10: electric vehicles (from 46th to 2nd), food products (11th to 6th), cosmetics (16th to 7th), and used cars (17th to 9th). Specifically, exports of electric vehicles grew from $140 million in 2014 to $10.1 billion in 2024, marking an approximately 70-fold increase in just ten years. Cosmetics grew fivefold (from $600 million to $3.2 billion), food products tripled ($1.1 billion to $3.3 billion), and used cars (gasoline) also grew fivefold ($600 million to $2.9 billion), becoming new top export items.
Conversely, products that were once key export items, like diesel cars (2nd to 11th), TVs (7th to 77th), and other non-durable consumer goods such as detergents and soaps (8th to 13th), as well as clothing accessories like hats and gloves (9th to 20th), have fallen out of the top 10. The KCCI noted that while automobiles remain the top exported consumer goods, there has been a notable shift from gasoline and diesel cars to electric vehicles, driven by global efforts to reduce carbon emissions and the growing demand for eco-friendly vehicles. This shift, as well as competitive pricing and the perceived high quality of Korean brands, has also boosted demand for used cars, cosmetics, and food products.
Additionally, the past decade has seen a growing concentration of Korean consumer goods exports to the United States. Last year, Korean consumer goods exports to the U.S. amounted to $38.7 billion, accounting for 39.1% of total exports, up from 26.5% in 2014. In contrast, consumer goods exports to China remained steady, at approximately $6.69 billion, with their share decreasing from 8.3% to 6.7%. This is attributed to the influence of the Hanhanryeong. Japan’s share also fell by 0.7%, whereas emerging markets like Canada, the Netherlands, Kazakhstan, and Kyrgyzstan have shown significant growth.
Overall, consumer goods exports have grown at an annual average rate of 2.6% over the past ten years, outpacing the overall export growth rate of 1.8%. These exports are less sensitive to economic fluctuations compared to capital and raw materials, contributing to export stability. Professor Seo Yong-gu of Sookmyung Women’s University suggested that by focusing on strategic products with high growth potential, Korea could achieve stable export expansion.