South Korea leapt to the world’s third largest electronics manufacturing powerhouse with its output expanded more than 50 percent from five years ago, but its heavy reliance on components like memory chips suggests that the country is vulnerable to external shocks.

According to the Korea Electronics Association on Tuesday, Korea produced $171.1 billion worth of electronics products, up 53.3 percent from 2013. The country was responsible for 8.8 percent of the global electronics manufacturing output last year, elbowing out Japan to become the third largest in the world and up one notch from five years ago.

China was the world’s largest electronics powerhouse with $717.2 billion or 37.2 percent of the entire global electronics production, followed by the United States with $245.5 billion or 12.6 percent.

Korea’s electronics output grew 9 percent on average every year since 2013, the third fast among global top 20 after Vietnam with 11.7 percent and India with 10.9 percent. China’s annual electronics output growth averaged 2.9 percent and the U.S. 1.0 percent over the same period, whereas Japan’s electronics output shrank 2.3 percent.

Components such as semiconductors made up a lion’s share of 77.3 percent of Korea’s electronics output last year, up 18.8 percentage points from five years ago. Wireless communication devices were responsible for 10.0 percent and computers 7.8 percent.

Computers accounted for the largest 34.2 percent share of China’s total electronics production, while wireless communication devices comprised 32.3 percent of U.S-made electronics. Japan also depended heavily on components with the sector occupying 56.6 percent.

By sector, Korea was the world’s second largest electronics components maker with a 19.2 percent share, after China with 24.1 percent. Korea’s wireless communication devices production was the fifth largest in the world with a 4.3 percent share after China with 46.4 percent, U.S. 20.0 percent, Vietnam 8 percent, and India 4.4 percent. It also was No. 5 for computer manufacturing, accounting for 3.3 percent of worldwide production. China was responsible for more than half or 59.7 percent of global computer production, followed by Mexico with 6.0 percent, U.S. 4.9 percent, and Japan 4.0 percent.

Market experts warned Korea’s hefty reliance on electronics components, especially semiconductors, would make the country more vulnerable to external risks. In fact, the country’s exports have contracted since last year due to a plunge in global memory chip prices from soft demand for electronics devices and data centers.

Additional woe has added to the export-reliant country following Japan’s decision to curb export of chip- and display-making materials, a big blow to Korea’s semiconductor and display industries that have led the country’s export, the country’s key growth driver.

By Chun Gyung-woon and Cho Jeehyun

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