SOUTH Korea recorded a trade deficit of US$18 billion with China in 2023, marking its first such bilateral shortfall with the country in 31 years, according to preliminary trade data released early this week.
South Korean exports to China fell to $124.8 billion, down 20 per cent from $155.7 billion in 2022, while imports from the neighbouring country came to $142.8 billion, dipping 8 per cent from $154.5 billion.
The larger drop in exports sent South Korea's trade with the world's second-largest economy into the red from a surplus of $1.2 billion the year before, reports Japan's Nikkei Asia.
In contrast, South Korea's annual exports to the US increased 5 per cent in 2023. Monthly shipments to the world's largest economy in the month of December, meanwhile, exceeded those to China for the first time in 20 years on the back of solid sales of cars, auto parts, and automotive batteries.
Growing exports to the US are also in sync with the diplomacy of President Yoon Suk Yeol that favours close ties with Washington. Responding to that political stance, major conglomerates such as Samsung, Hyundai Motor, LG, SK, and Lotte have been increasing their investments in the US.
South Korea's total exports in 2023 stood at $632.7 billion, down 7 per cent from the previous year as exports declined for the first time in three years. Imports also declined, falling 12 per cent to $642.7 billion.
South Korea recorded a trade deficit of $10 billion, its second in a row, though it marked a narrowing from $47.8 billion in 2022.
https://www.shippingazette.com/menu.asp?encode=eng
|
Back:
Next:
