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Qatar National Bank: South Korea's new global trade role
South Korea has succeeded in reshaping its role in the global trade system by enhancing its export capabilities, particularly in the memory chip industry, which accounts for 73% of the global market. There has been a noticeable growth in its exports, surpassing $100 billion in June, with an annual increase of 70.9%. Advanced technologies, such as semiconductors, have supported its economic position, while the country is also moving toward diversifying its markets and reducing dependence on China by strengthening its ties with the United States through a historic trade and security agreement in 2026. However, South Korea faces challenges such as intense competition in the global memory chip market and China's shift toward developing local alternatives, which pressure its sustainability in relying heavily on a single product category.
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