As per the report presented by the Federation of Korean Industries (FKI), only 16 Korean companies were included in the Fortune Global 500 in 2022.
Also, the federation released its analysis of the companies that plunge into the 2022 Fortune Global 500 list. On the list, it is been found that China took up the major share with 136 companies (27.2 percent). It is followed by the United States with 124 companies (24.8 percent). Therefore, US and Chinese companies accounted for 52.0 percent of the total.
Subsequently, the list had 47 Japanese companies (9.4 percent), 28 German companies (5.6 percent), 25 French companies (5.0 percent), and 18 British companies (3.6 percent). While on the other side, Korea had only 16 companies (3.2 percent).
While in terms of sales by country, U.S. companies’ aggregate sales stand at US$11.2 trillion. Whereas the average sales per company reached US$90.46 billion. Taking Chinese companies into consideration then their aggregate and average sales amounted to US$11 trillion and US$80.98 billion, respectively.
The total sales of Korean companies in the Global 500 amounted to US$996.2 billion. by their average sales which is US$62.39 billion. Notably, its average sales numbers seem to be the lowest compared to the other major countries. These include G5 countries and China.
Korean companies Sectors that belong to the Fortune Global 500 list
The Korean companies that belong to the Fortune Global 500 were occupied in a total of eight industries. Out of the same, twelve companies (75.0 percent) are engrossed in four major industries. It includes electronics/semiconductors, finance, automobiles, and energy. Notably, it doesn’t have any Fortune Global 500 companies in new industries like aerospace and healthcare.
As per the report, Korean companies are not performing better in the export sector. Also, the global no 1 companies’ annual sales were 1.5 to 4.6 times more than those of Korean no 1 companies. Subsequently, Apple sales were 1.5 times higher as compared to Samsung Electronics.
Similarly, in order to move ahead with the numbers, it was about 2.9 times between Volkswagen and Hyundai Motor. And approx 2.3 times between Baou and POSCO respectively.