‘Exports to US seen promising in five areas including renewable energy’

A new report suggests renewable energy, electric vehicles, bio health, digital conversion and home living as areas that will be promising in the wake of the inauguration of the Joe Biden administration. The report also singles out the trend of protectionist trade policy being eased to switch back to a multilateral trade regime as a potential area of significant change in global trade.

The Korea International Trade Association on Sunday suggested five promising export areas in its report entitled “the Inauguration of the U.S. administration and five promising areas of export to the U.S.” President Joe Biden has been emphasizing aggressive investment in renewable energy infrastructure with an aim of achieving carbon neutral by 2050. As a result, the trade association expects items related to solar cells and modules, and wind power will benefit from the emerging trend. Last year, the U.S. imported solar cells worth 8.16 billion dollars, of which 11.5 percent or 940 million dollars was imported from Korea. The report also picked electric vehicles and batteries have an areas of strong potential for growth thanks to the expansion of recharging stations and payment of subsidies in the U.S.

The report also analyzes that the bio health market will be an important area for growth since the market is related to an aging population and strengthening of public healthcare service and demand for transition into digital, as they are deemed connected with U.S. mobile carriers’ investment in 5G network. The report also predicts that home living products will benefit from the emerging of the millennial generation and galvanizing of a non-contact economy.


Do-Hyong Kim dodo@donga.com