By Choi Sung-jin
The nation's exports to the United States and Vietnam have increased since 2010 but its shipments to China have been on a downswing, a trade group reported Friday.
According to data released by the Korea International Trade Association (KITA), Korea's shipments to the U.S. increased from $49.8 billion in 2010 to $69.8 billion last year. Exports in the first eight months of this year amounted to $44.5 billion.
The share of U.S. –bound shipments in Korea's total exports also grew from 10.7 percent to 13.8 percent over the period, the KITA data showed.
Exports to Vietnam nearly tripled, from $9.7 billion to $27.8 billion, with its share jumping from 2.1 percent to 6.4 percent of Korea's total overseas shipments.
"The U.S. economic recovery has led to a revival of domestic consumption and the consequent increase in demand for imports," the report stated.
Also, Korean businesses have significantly increased their direct investment in Vietnam, and the expanded production there is resulting in an export increase in a virtuous circle, it reported, adding that exports to the Southeast Asian country, which has emerged as the "second manufacturing base overseas" for Korean companies, are expected to continue to rise.
Meanwhile, Korea's exports to China and that country's portion in Korea's exports have fluctuated over the period: from $116.8 billion (25.1 percent) in 2010 to $134.2 billion (24.2 percent) in 2011, $134.3 billion (24.5 percent) in 2012, $145.9 billion (26.1 percent) in 2013, $145.3 billion (25.4 percent) in 2014, and $137.1 billion (26.0 percent) in 2015. Since 2013, the overall amount of exports to China has turned downward.
"China's economic slowdown and the Beijing government's policy shift toward domestic consumption-oriented growth, as well as the falling exports of the world's second-largest economy, have combined to exert a negative influence on Korea's exports to its biggest export destination," the report said.
Although Korea's export of consumer goods to China has sharply increased, overall shipments are unlikely to maintain the vigor of the previous years because of China's stunted growth and changes in the Chinese trade structure, it added.
"As the demand for consumer goods is increasing in the Chinese market, as is the case in the U.S., Korean exporters need to set up a strategy to promote the export of high-end consumer items that have brand power," the report said.
The nation's exports to the United States and Vietnam have increased since 2010 but its shipments to China have been on a downswing, a trade group reported Friday.
According to data released by the Korea International Trade Association (KITA), Korea's shipments to the U.S. increased from $49.8 billion in 2010 to $69.8 billion last year. Exports in the first eight months of this year amounted to $44.5 billion.
The share of U.S. –bound shipments in Korea's total exports also grew from 10.7 percent to 13.8 percent over the period, the KITA data showed.
Exports to Vietnam nearly tripled, from $9.7 billion to $27.8 billion, with its share jumping from 2.1 percent to 6.4 percent of Korea's total overseas shipments.
"The U.S. economic recovery has led to a revival of domestic consumption and the consequent increase in demand for imports," the report stated.
Also, Korean businesses have significantly increased their direct investment in Vietnam, and the expanded production there is resulting in an export increase in a virtuous circle, it reported, adding that exports to the Southeast Asian country, which has emerged as the "second manufacturing base overseas" for Korean companies, are expected to continue to rise.
Meanwhile, Korea's exports to China and that country's portion in Korea's exports have fluctuated over the period: from $116.8 billion (25.1 percent) in 2010 to $134.2 billion (24.2 percent) in 2011, $134.3 billion (24.5 percent) in 2012, $145.9 billion (26.1 percent) in 2013, $145.3 billion (25.4 percent) in 2014, and $137.1 billion (26.0 percent) in 2015. Since 2013, the overall amount of exports to China has turned downward.
"China's economic slowdown and the Beijing government's policy shift toward domestic consumption-oriented growth, as well as the falling exports of the world's second-largest economy, have combined to exert a negative influence on Korea's exports to its biggest export destination," the report said.
Although Korea's export of consumer goods to China has sharply increased, overall shipments are unlikely to maintain the vigor of the previous years because of China's stunted growth and changes in the Chinese trade structure, it added.
"As the demand for consumer goods is increasing in the Chinese market, as is the case in the U.S., Korean exporters need to set up a strategy to promote the export of high-end consumer items that have brand power," the report said.
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