As uncertainty in the global economy grows, the world's attention is focused on several Post BRICs economies following the BRICs economic bloc, which has led the global economic growth for some time. In this study, indicators such as IMS (International Market Share), TSI (Trade Specialization Index), MCA (Market Comparative Advantage) Index are estimated and analyzed to examine the export competitiveness of Korea in the VIP economic bloc. In particular, it is analyzed that the export competitiveness of any item category among 10 categories according to the section of the Standard International Trade Classification (SITC) is estimated.
The results of the analysis are summarized as follows. First, the share of exports to the VIP economy in Korea increased from 4.96% in 2000 to 8.35% in 2015. Second, the IMS analysis showed that the share of 'Manufactured goods classified chiefly by material', 'Machinery and transport equipment' has increased. Third, TSI analysis showed high competitiveness in 'Chemical and related products, n.e.s.', 'Manufactured goods classified chiefly by material', 'Machinery and transport equipment', 'Commodities and transactions not classified elsewhere in the SITC'. Fourth, MCA analysis showed that there was no very competitive item classification. However, competitiveness was high in three categories : ‘Crude materials, inedible, except fuels’, ‘Mineral fuels, lubricants and related materials’, and 'Manufactured goods classified chiefly by material'.
The implications of this study are as follows. First, it is necessary to diversify export items to maintain stable competitiveness in the VIP economy. Second, it is necessary to find ways to utilize the VIP economic zone as a forward base in order to utilize the Korea-ASEAN FTA actively. Third, we must carefully examine and respond in order to maintain competitiveness in the US, China, and Japan. Fourth, the VIP economy should be not only a production base but also a consumer market. Finally, there is a need for government policy support and a long-term roadmap to help industrialization of the VIP economy and to gain market leadership.