Korea strong in manufacturing and trade, weak on quality of life and labor: KITA

In contrast to its northern neighbors,... South Korea is on top of the world in a number of economic sectors, but is falling behind in others, according to a new report. And as our Kwon Soa reports,... the gap between the two could be a stumbling block... for the country in the future. Korea is performing well in manufacturing and trade but is still a step behind in quality of life and labor conditions, which could eventually hold the country and its economy back. The Korea International Trade Association′s annual report, based on data from around 1-hundred-70 sources in various economic categories, was released on Sunday and shows the country′s biggest strengths and weaknesses. The manufacturing sector continues to do well, as Korea shipped the largest number of mobile phones in the world in 2013, and its semiconductor sales and ship orders were he second highest in the world. Automobile and steel production landed in 5th and 6th place. On the trade front, Korea was the seventh-largest exporter last year, had the ninth biggest overal trade volume and the 13th largest trade surplus. Korea also ranked seventh on this year′s Fortune 500 list,... with 17 Korean companies on the list. Among the 17 was Samsung Electronics, the world′s number one smartphone maker, which saw its brand value go up a notch from last year to 8th place, and Hyundai Motor Group, the world′s fifth-largest automobile maker, which went up 10 spots to 43rd. Asia′s fourth largest economy is also a powerhouse in the R&D and financial fields. However, the social and labor sectors are still far below par for a developed nation. Korea ranked in 41st place for quality of life, down from 34th last year, and Koreans worked the second most hours per year of any country on the list. Korea′s female labor participation rate stands at just 50 percent and the nation′s birth rate is among the lowest in the world, ranking 168th out of 171 countries. The Trade Association attributed Korea′s uneven economic development to its rapid economic growth, adding the gap between certain sectors needs to be narrowed to achieve more stable growth. Kwon Soa, Arirang News.