China overtakes US as South Korea's largest importer

China once again became the top destination for South Korean products in the first seven months of 2024, due to rising demand for semiconductors.

Cargo containers at a port in Busan, South Korea, August 1, 2024. (Source: Yonhap)

South Korea's exports to China jumped 14.9 percent year-on-year to $11.4 billion in July, marking the highest monthly export value in nearly two years since October 2022, according to data released by the Ministry of Trade, Industry and Energy and the Korea International Trade Association on August 4.

Thanks to this significant increase in July, China regained its position as the top import market for South Korea based on cumulative data from January to July this year. During this period, the total export value of the kimchi country to the world's second largest economy reached 74.8 billion USD, surpassing the export value of 74.5 billion USD to the US.

China has long been South Korea’s largest import market, before the US took over in the second quarter of last year. China’s shift back is largely due to a significant increase in South Korea’s semiconductor exports to the world’s second-most populous market.

In the first 25 days of July, semiconductor exports to China jumped 25.9 percent year-on-year, outpacing the 10.4 percent increase in South Korea's total exports to China over the same period.

Source: https://baoquocte.vn/danh-bat-my-trung-quoc-lay-lai-vi-tri-nha-nhap-khau-lon-nhat-cua-han-quoc-281302.html