Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post

Korean products losing ground in India due to drop in electronics exports

- Advertisement -

The growth of South Korea’s exports to India is slowing sharply due to stiffer competition from Chinese rivals, data by local trade associations showed Friday.

electronics exports, Korean products, electronics goods, China, Korea, India

Shipment figures from the Korea International Trade Association (KITA) and Korea Trade-Investment Promotion Agency said South Korea exported US$6.22 billion worth of products to India up to May this year, up 4.3 percent from the same period last year. This is about half of the overall 8.1 percent increase. It also pales in comparison with 29.8 percent exports gain to India last year compared with the 15.8 percent overall increase.

- Advertisement -

India is the seventh largest export destination for South Korea. Analysis indicates that the downturn in shipments of electronics equipment and components was the starkest, losing 42.9 percent in the measured period this year from last year. Exports in other key items, such as steel and auto parts, rose 36.9 percent and 21.1 percent, respectively.

Specifically, exports of wireless network equipment dropped 91.1 percent. The products were South Korea’s No. 1 exports to India in 2016, No. 2 in 2017.

Researchers at the associations said India was nearing completion of its next-generation wireless network, which lowered demand for related imports. The growing competition with China also hurt South Korea, they said.

China has been enlarging its market domination as the top exporter to India. China’s market share of India’s imports has been rising steadily, from 10.7 percent in 2012 to 15.5 percent in 2015, 16.8 percent in 2016 and to 15.4 percent in 2017. Electronics equipment appeared to be leading the climb, accounting for 38.4 percent of India’s imports in the first half of last year compared to 25.9 percent in 2012.

South Korea’s market share in India was 2.8 percent in 2012, 2.7 percent in 2013 and 2.9 percent in 2014. It surpassed 3 percent in 2015 to 3.3 percent and rose to 3.4 percent in 2016, which was maintained in the first half of last year. India’s trade volume in monetary terms ranked at 14th globally with $745.62 billion in 2017.

“India’s consumption is increasing as the market shows high growth of over annual 7 percent from reforms and other outcomes, but the rivalry with China and other key countries is becoming more intense,” Moon Byung-ki, a lead researcher at KITA’s analysis & forecasting department, said of the analysis.

“In order to improve market access to India, we need to strengthen export competitiveness through more liberalization in the South Korea-India Comprehensive Economic Partnership Agreement, active marketing promotion and improved brand image and diversification of export products,” Moon added.

(Source : The Korea Bizwire)

- Advertisement -

Most Popular Articles

EV Growth-India

Commercial EV Sales Escalates To 76% In India

0
Commercial EV Sales Reached 861 units in September 2024 as compared to 489 units in September 2023. Recent data indicates a 9 percent year-on-year decline...

IESA Hosts EV Fast Charging Summit, Urges More Investment

0
As the Indian electric vehicle (EV) industry surpasses 4 million sales, industry specialists are advocating for public-private collaborations to boost EV adoption further and...

MeitY Launches Electronic Toy Hackathon To Boost Innovation

0
While celebrating the graduation of 15 engineers trained under its programme, MeitY launched the Electronic Toy Hackathon to innovate and build India’s future electronic...

Motul India And Zypp Electric Start EV Repair Training For Mechanics

0
The initiative seeks to educate more than 10,000 mechanics on skills for maintaining and repairing electric vehicles. Automotive lubricant maker Motul India has partnered with...
Defence tech-India Israel

Israel Unveils New Initiative IAI Neusphere For Deeper Defence Tech Ties With India

0
IAI has been actively involved in India across various domains, including advanced radars and airborne warning and control systems for the Indian Air Force. Israel...

“We Bring Intelligence Early On Into The Design Cycle” – Michel Van Cotthem VP...

0
With a solution embedding intelligence early in the design-to-source lifecycle, Supplyframe aims to leverage India’s electronics manufacturing boom. At IEW 2024, Michel Van Cotthem...
Vijai Karthick Selvam, Director of Teqtis

“We Do Everything From The Initial Concept To The Final Box Build” – Vijai...

0
Why are testing and R&D essential to combat printed circuit board manufacturing challenges? Speaking to EFY's Nitisha Dubey, Vijai Karthick Selvam, Director of Teqtis,...
Abhishek Malik, Executive Director, Calcom Vision Ltd

“India’s Electronics Sector Is Growing Rapidly, Making This The Decade For Investors To Engage”...

0
From the complexities of manufacturing and sourcing components to testing processes that drive innovation, know all the exciting dynamics shaping this ever-evolving industry in...
Sunit Kapur, CEO of Epsilon

“Epsilon Leads With Low-Carbon Graphite Manufacturing, Outpaces Chinese Competitors” – Sunit Kapur, CEO of...

0
Are LFP cathodes and silicon-graphite anodes the best for cost efficiency in EV batteries? Sunit Kapur, CEO of Epsilon Advanced Materials, discusses this with...
John W. Mitchell, President and CEO, IPC

“India’s Core Focus On 5G, IoT, AI Fosters Need For Advanced Electronics,Components, And Semiconductors”...

0
Will Industry 4.0 supercharge India’s progress in semiconductor and electronics manufacturing? IPC President and CEO John W. Mitchell shared more strategies on the country’s...

HKTDC Electronics Fair Sparks Innovation, 60,000+ Participants!

0
Showcasing cutting-edge tech, global innovation, and booming markets for the future of electronics, HKTDC’s Hong Kong Electronics Fair and electronicAsia drew 60,000+ professionals. Last month,...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...

Industry's Buzz

EV Growth-India

Commercial EV Sales Escalates To 76% In India

0
Commercial EV Sales Reached 861 units in September 2024 as compared to 489 units in September 2023. Recent data indicates a 9 percent year-on-year decline...

IESA Hosts EV Fast Charging Summit, Urges More Investment

0
As the Indian electric vehicle (EV) industry surpasses 4 million sales, industry specialists are advocating for public-private collaborations to boost EV adoption further and...

MeitY Launches Electronic Toy Hackathon To Boost Innovation

0
While celebrating the graduation of 15 engineers trained under its programme, MeitY launched the Electronic Toy Hackathon to innovate and build India’s future electronic...

Motul India And Zypp Electric Start EV Repair Training For Mechanics

0
The initiative seeks to educate more than 10,000 mechanics on skills for maintaining and repairing electric vehicles. Automotive lubricant maker Motul India has partnered with...
Defence tech-India Israel

Israel Unveils New Initiative IAI Neusphere For Deeper Defence Tech Ties With India

0
IAI has been actively involved in India across various domains, including advanced radars and airborne warning and control systems for the Indian Air Force. Israel...

Learn From Leaders

“We Bring Intelligence Early On Into The Design Cycle” – Michel Van Cotthem VP...

0
With a solution embedding intelligence early in the design-to-source lifecycle, Supplyframe aims to leverage India’s electronics manufacturing boom. At IEW 2024, Michel Van Cotthem...
Vijai Karthick Selvam, Director of Teqtis

“We Do Everything From The Initial Concept To The Final Box Build” – Vijai...

0
Why are testing and R&D essential to combat printed circuit board manufacturing challenges? Speaking to EFY's Nitisha Dubey, Vijai Karthick Selvam, Director of Teqtis,...
Abhishek Malik, Executive Director, Calcom Vision Ltd

“India’s Electronics Sector Is Growing Rapidly, Making This The Decade For Investors To Engage”...

0
From the complexities of manufacturing and sourcing components to testing processes that drive innovation, know all the exciting dynamics shaping this ever-evolving industry in...
Sunit Kapur, CEO of Epsilon

“Epsilon Leads With Low-Carbon Graphite Manufacturing, Outpaces Chinese Competitors” – Sunit Kapur, CEO of...

0
Are LFP cathodes and silicon-graphite anodes the best for cost efficiency in EV batteries? Sunit Kapur, CEO of Epsilon Advanced Materials, discusses this with...
John W. Mitchell, President and CEO, IPC

“India’s Core Focus On 5G, IoT, AI Fosters Need For Advanced Electronics,Components, And Semiconductors”...

0
Will Industry 4.0 supercharge India’s progress in semiconductor and electronics manufacturing? IPC President and CEO John W. Mitchell shared more strategies on the country’s...

Startups

HKTDC Electronics Fair Sparks Innovation, 60,000+ Participants!

0
Showcasing cutting-edge tech, global innovation, and booming markets for the future of electronics, HKTDC’s Hong Kong Electronics Fair and electronicAsia drew 60,000+ professionals. Last month,...
Applied Materials Representational Image

Applied Materials Selects Six Startups For Deep-Tech Accelerator Programme

0
The selected deep-tech startups will be evaluated for investment by Applied Ventures and potential collaboration opportunities with Applied Materials. In collaboration with the company's India...

Space tech Startup Akash Secures $68M CHIPS Funding

0
Eyeing to power into AI, EVs, and more high-tech industries, Akash Systems lands $68 million CHIPS grant to boost its cooling tech facility, generating...

Wireless Light-Based Communication With Velmenni’s Technology

0
Velmenni is at the forefront of wireless communication innovation with its pioneering light-based technologies, Li-Fi and LC Link. Founded by Deepak Solanki in October 2014...

Harnessing AI Technology For Efficient Pest Management

0
AI-Genix, an agri-tech startup, is transforming pest management for farmers through advanced AI-enabled systems that precisely target harmful pests. In an industry where pesticides and...