On October 12, South Korea's "Asian Economy" reported that the country's home appliance industry, once a dominant force in global exports, is now facing a series of severe challenges. Products like LCD TVs, which had long held a strong position in international markets, experienced their first profit decline in 2017, marking a significant turning point.
The downturn is attributed to multiple factors. U.S. trade protectionism has played a role, but internal issues such as rigid labor markets, stringent domestic regulations, and aggressive pricing strategies from competitors in target markets have also contributed significantly. According to data from the Korea Customs Service and the Korea Trade Statistics Promotion Agency, total exports of 14 major home appliances—including TVs, washing machines, air conditioners, fans, and refrigerators—fell to $2.421 billion between January and August 2017, representing a 10.4% year-on-year decline. This marks the second consecutive year of falling exports.
Meanwhile, imports of similar products have surged. In 2016 and 2017, import volumes rose by 52.2% and 46.4%, respectively. The trade surplus in household appliances, particularly in categories like TVs, rice cookers, blenders, and air purifiers, has shrunk dramatically. The reduction in surplus grew from 30.6% in 2016 to 51.7% in 2017.
In the global market, South Korea’s LCD TV sector is no longer as dominant as it once was. Chinese competition, driven by low-cost production and aggressive pricing, has led to declining export performance since 2015. By 2017, the country recorded its first trade deficit in television exports. In 2013, South Korea enjoyed a $1.362 billion trade surplus in TVs. Just four years later, the situation had reversed, with a deficit of approximately $28 million.
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