The US is expected to become the most promising market for South Korean carmakers next year, while China is to yield the greatest opportunities for chipmakers, according to a big data analysis released on December 28.

The state-run Korea Trade-Investment Promotion Agency’s (KOTRA) report looks into market prospects of major markets overseas for South Korean exporters expected to lead the post-pandemic economic recovery.

Markets that would show solid demand for automobiles next year include the US, Germany, the UK and Canada. Top markets for auto parts are the US, Germany, Mexico, France and China, the report said.

Strong demand for semiconductors is expected in China, Hong Kong, Malaysia, Singapore and the US, the report added.

The state-funded trade and investment promotion organisation’s report also named other key markets for South Korea’s major exports items, including telecommunications equipment, petroleum and petrochemical products, ships, home appliances, computer products, display and textile products.

The top five markets for telecommunications equipment include the US, China, Hong Kong, Germany and Netherlands.

Regarding petrochemical products, China is expected to be most promising market, followed by the US, Germany, India and Belgium, according to the report.

KOTRA president and CEO Kwon Pyung-oh said: “KOTRA has been increasing its efforts to improve its big data analytics capabilities to better manage its data.”

Detailed big data analytics results for other items can be found on the organisation’s official website.

THE KOREA HERALD/ASIA NEWS NETWORK