South Korea's Export Dependence On China Deepened During The Epidemic

- Jan 21, 2021-

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According to the Central Daily on January 20, South Korea's total export to China last year was US $13.255 billion, slightly lower than that in 2019 (US $136.203 billion). However, South Korea's dependence on Chinese exports has increased significantly, which worries the export industry. This means that South Korea can not ignore the huge and growing market of China, but with the increasing dependence on China, the uncertainty brought to South Korea's economy will also rise.

Novel coronavirus pneumonia (novel coronavirus pneumonia) was the largest export product in Korea last year, and the total export volume of Korea was 5.7% in January 19th. The total export volume in 2019 was 542 billion 231 million 610 thousand US dollars in 2019. In contrast, South Korea's exports to China decreased slightly (2.8%), accounting for 25.8% of total exports, up from 25.1% in the previous year. South Korea's exports to China are mainly concentrated in the semiconductor field. According to the data of the trade association, last year, the export volume of South Korea's semiconductors to China increased by 6.9%, and the export volume of synthetic resin (6.9%) and steel (4.2%) also increased, offsetting the impact of the decrease in the export of products such as display screens to China.

"Among the countries in the world, China is the first to get rid of the impact of pneumonia and drive the export of South Korea, which has a close economic relationship with China," said Jin, a researcher in the trend analysis research office of the industry association

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