S. Korea’s exports to China slow down this year

South Korea’s exports to China amounted to US$42 billion from January 1 to April 20, according to the Ministry of Trade, Industry and Energy (MOTIE). The figure grew merely 1.5 percent from the same period a year ago.

The growth rate is slower than an 8.7 percent yearon-year (YOY) jump. The portion of China-bound exports out of Korea’s total exports recorded 24.9 percent this year, down from 25.1 percent last year. The ratio was the highest of 26.1 percent last year.

Korea’s exports to China expanded at 2.4 percent in April (estimated figure). This contrasts with those to the United States and ASEAN which recorded a 19.3 percent and 17.0 percent rise, each. This is attributable to China’s sluggish exports and economic growth. China’s exports for the first quarter contracted 3.4 percent while its economy grew 7.4 percent in the first quarter, falling short of its annual growth target of 7.5 percent.

 
 
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