This file photo shows stacks of containers at Yangshan Deep Water Port in Shanghai, China. (Yonhap)
SEOUL, March 18 (Korea Bizwire) — South Korea’s presence in the Chinese import market has fallen significantly over the past five years, compared to other major countries, a South Korean business lobby said.
The Federation of Korean Industries compared the market share of the Group of Five (G5) states, Taiwan, the six ASEAN states and South Korea in China’s import market, in which South Korea’s market share dropped by 1 percentage point from 9.8 percent in the period between 2012 and 2016 to 8.8 percent from 2017 to 2021.
In contrast, the six ASEAN states and Taiwan saw their market share increase by 2.5 and 0.8 percentage points, respectively.
South Korean exports to China ranked first for seven years in a row from 2013 to 2019.
However, a growing volume of semiconductor imports from Taiwan, the advance of the six ASEAN states and China’s policy of domestic production of various materials and parts dropped South Korea down to second place for the past two years.
In China’s 10 largest import markets for consumable goods like pharmaceuticals, cosmetics, baby food and plastic goods, South Korea’s market share dropped by 1.2 percentage points from 5.4 percent in the 2012-2016 period to 4.2 percent between 2017 and 2021.
Lina Jang (linajang@koreabizwire.com)
