On October 12, South Korea’s "Asian Economy" reported that the country's home appliance industry, once a dominant force in global markets, is now facing a series of serious challenges. Products like LCD TVs, which had long enjoyed strong profitability, experienced their first-ever profit decline in 2017, marking a significant turning point.
The crisis stems from multiple factors. The U.S. trade protectionist policies have created new barriers, while domestic issues such as rigid labor markets and rising production costs have further strained the industry. Additionally, aggressive pricing strategies from competitors, especially in key export markets, have eroded Korean products' competitiveness.
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, a 10.4% drop compared to the same period the previous year. This marks the second consecutive year of declining exports. Meanwhile, imports of similar products surged, increasing by 52.2% in 2016 and 46.4% in 2017.
Notably, the trade surplus in household appliances has shrunk dramatically. For items like TVs, rice cookers, blenders, and air purifiers, the surplus dropped from 30.6% in 2016 to 51.7% in 2017.
In the global TV market, South Korea's dominance has also weakened. Under pressure from Chinese manufacturers' aggressive pricing, Korean TV exports began to fall as early as 2015. By 2017, the country recorded its first trade deficit in this sector. In 2013, South Korea’s TV trade surplus reached $1.362 billion. Just four years later, the situation reversed, with a deficit of approximately $28 million.
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