South Korean exports to China see significant fall in Q1 2016

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Imports and Exports | Axonn Ltd | MIC Customs Solutions | 18 April 2016

South Korea's exports to China have fallen by 15.7 per cent during the first quarter of the year.

The slowdown of economic growth in China is having a significant impact on its trade relationship with South Korea.

New figures from the Korea International Trade Association have indicated that South Korea's exports to China decreased by 15.7 per cent year on year during the first quarter of 2016 to $28.54 billion (€25.24 billion).

Shipments from Korea to China fell by 21.5 per cent in January, 12.9 per cent in February and 12.3 per cent in March, while imports have also suffered, coming to $20.21 billion - down 9.6 per cent from a year ago.

Exports of key items such as semiconductors, flat panel displays, sensors, petroleum products, auto parts and synthetic resins were all cited as having been particularly impacted by this trend.

It was explained that intermediate goods account for more than 70 per cent of South Korea's exports to China, but demand for items in this category are currently on the decline.

A statement from the Korea International Trade Association said: "China is increasing its domestic production facilities and investment in the industries including semiconductor while cutting back on its imports of related products these day."

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