Korea strong in manufacturing, weak in birth rate: report

Korea’s exports of goods and production of cars and semiconductors are one of the strongest in the world, but its low birth rate and long working hours remain weaknesses, the Institute for International Trade said in a report Wednesday.

The think tank under the Korea International Trade Association said the country’s birth rate ranked 150th in the world and the annual average of working hours were the highest at 2,200. The findings are based on the institute’s latest annual statistical report covering 180 economic and social data indicators.

Korea was the seventh-largest exporter of goods last year, shipping 466 U.S. billion dollars worth. China ranked first with 1.58 trillion dollars, followed by Germany, the U.S. and Japan. Korea was also the ninth-largest trading nation among the 202 surveyed countries, with two-way trade reaching 892 billion dollars.

Korea held high rankings in automotive manufacturing (fifth), semiconductor sales (second) and ship orders received (second). Korea had the top global market shares for 74 items, or 13th on the list.

In contrast to its leading rankings in manufacturing, Korea`s service exports including those of tourism and business consulting was 14th. China was fourth and Japan sixth in this category.

Annual working hours per capita in Korea hit 2,193, the highest in the world. The average work week exceeded 42 hours, similar to those of Chile and Russia. Female employment ranked 27th.

Korea was 31st in quality of life and 204th in population growth rate (0.3 percent).

The Switzerland-based think tank IMD put Korea in 12th place in national image.

The latest findings also showed the country ranked high in raw materials imports and energy consumption. Oil consumption stood at 2.25 million tons last year, placing the country ninth, similar with Saudi Arabia, the world’s leading oil producer, which ranked seventh.

The Institute for International Trade issues statistical reports every year to gauge Korea’s global rankings in economy, trade and society. More details are available free on its homepage (www.iit.kita.net).

sun10@donga.com