This file photo, taken May 23, 2022, shows stacks of containers at a port in South Korea’s southeastern city of Busan. (Yonhap)
SEOUL, July 17 (Korea Bizwire) — The share of South Korea in China’s total imports has been steadily declining, Beijing’s trade data showed Sunday.
China’s imports from South Korea amounted to $77 billion in the first half of this year, showing a 24.9 percent decrease compared to the previous year, according to data from China’s General Administration of Customs.
During the same period, China’s total imports reached $1.25 trillion, with Korea accounting for 6.1 percent. This represents a decline of 1.5 percentage points from the previous year.
In the first half of last year, South Korea ranked second in China’s total imports, just behind Taiwan with 9.1 percent. However, this year, South Korea slipped to fifth place.
China’s first-half imports experienced a year-on-year decline of 6.7 percent.
Among the 23 countries and regions classified as “major countries/regions” by Beijing, South Korea experienced the largest decline in exports to China, leading to a drop in its ranking.
Since 2017, when China imposed trade restrictions following South Korea’s decision to deploy the U.S. THAAD anti-missile system, South Korea’s share of China’s imports has consistently decreased.
It fell from 9.6 percent in 2017 to 7.4 percent last year.
According to the Ministry of Trade, Industry and Energy, South Korea’s monthly exports to China have registered negative growth for 13 consecutive months since June of last year.
South Korea has also faced a trade deficit with China for nine consecutive months since October.
Lina Jang (linajang@koreabizwire.com)
