S. Korean exports to China reach $1 trillion

Since the signing of diplomatic relation with China, S. Korea’s accumulated exports to the country have reached $1 trillion.

The Federation of Korean Industries announced on June 24 that as of April 2013, S. Korea’s total exports to China marked a $ 1.41 trillion since their signing of diplomatic relations in 1992, while accumulated imports were $696.9 billion.

The big-time South Korean product exported to China was semi-conductor, followed by flat-panel displays and sensors, petroleum products, wireless communication equipment and fiber products.

As for imports, computers, semiconductors, steel plates, clothes and flat-panel displays and sensors made the list in corresponding order.

Since the establishment of diplomatic relations with China, South Korea has made a surplus of $344.57 billion which is more than the country’s national budget for 2013.

However, as China recently shifted its emphasis in trade from processing industry to domestic market, Korea’s exports to China, heavily depending on the processing industry, has created added values of only 30 percent of the total export amounts.

“South Korea now must stop depending on the processing industry and come up with new line of exports that will specifically boost China’s domestic service market, products ‘made for China’” said an associate from the Federation of Korean Industries.